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Non-traditional vendor perhaps of fintech

Treasurers slow to embrace non-traditional vendors

Around a quarter of organizations are completely unprepared to work with non-traditional vendors. This is one of the main findings of this year’s issue of the AFP Risk Survey.

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The yearly risk report from US-based AFP, the Association for Financial Professionals, is picked up by news media including The Global Treasurer.

Strategic risks are in focus

”Research findings reveal that both strategic risks and cyber security risks are of significant concern to finance leaders at organizations and they will continue to be a top concern in the next three years,” writes AFP in its own presentation of its report.

The main reason why organizations do not adopt solutions from non-traditional vendors, is simply that they have not yet built relationships with them. However, when they do turn to such vendors after all, it is driven by the appeal of flexibility and adaptability. This happens mainly in the areas of treasury services technologies and merchant services technologies.

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By ”non-traditional vendors”, the survey means providers, other than banks, offering niche services.

Expect no boom

”The survey data suggests despite the growth in fintech, the treasury ecosystem is slow to evolve. Only a third of respondents (34%) foresee using more non-traditional vendors in the future to supplement banks and other ‘entrenched’ vendors,” The Global Treasurer notes in its article about the report.

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