Navigating Banking Partnerships in Treasury Management’s Next Era

Deanna M. Kanosky, CPA Vice President, Corporate Controller, The Planet Group
Driving Decisions in Corporate Finance

Traditionally, treasury management was viewed as a back-office function, primarily focused on safeguarding cash. Today, that’s no longer the case—treasury management has become a dynamic driver of resilience, liquidity, and enterprise value.

As this transformation unfolds, the corporate controller’s role and influence has also become more critical than ever, especially in shaping and maintaining the organization’s relationship with its banking partner.

Since corporate controllers are responsible for financial accuracy and transparency, operational discipline, and strategic foresight, they’re well-positioned to evaluate and nurture this unique relationship for current and future needs. As such, I recently had the opportunity to sit down with Kelly Prete, treasury sales group manager, and Kelsey Phillips, relationship executive, at J.P. Morgan Commercial Banking, to discuss this working relationship and how to navigate it through the changing business landscape.

TREASURY’S EVOLUTION: FROM BACK OFFICE TO STRATEGIC ENGINE

Over the past five years, companies have significantly improved how they leverage their enterprise resource planning systems in partnership with their banks. According to Prete and Phillips, this stronger alignment is enabling greater automation across accounts receivable (AR) and accounts payable (AP), driving meaningful efficiency gains for customers and internal teams.

Many companies are also gaining firsthand experience in managing geopolitical risk, particularly in periods of heightened uncertainty and complexity that we’ve seen in recent years. Tapping your banker or another advisor to help navigate these risks can be helpful. For example, JPMorganChase recently launched a dedicated Center for Geopolitics, reflecting the reality that global political dynamics increasingly influence financial operations, liquidity planning, supply chains, and overall business strategy. Their goal is to help clients navigate these complexities with more precision and preparedness.

THE EXPANDING ROLE OF AI IN BANKING AND TREASURY

Looking ahead, artificial intelligence (AI) is expected to reshape the banking industry and the treasury function. For instance, AI is being explored as a tool to support associates in their day-to-day responsibilities, with the idea that AI-enabled assistants could soon become standard. The goal is to free up capacity so teams can focus more deeply on enhancing the client experience.

AI-driven chatbots are already in use today to help customers answer common questions. Although, the experience has been mixed. While convenient, customers often express frustration when they can’t easily reach a human during more complex or urgent situations. That said, the future of value creation will ultimately lie in effectively blending AI capabilities with human connection.

Additionally, AI is poised to play a major role in cybersecurity, an area of escalating concern as cybercrime continues to rise. Other AI applications are also being explored to improve forecasting, fraud detection, risk scoring, and cash visibility.

CHOOSING THE RIGHT BANKING PARTNER

Given this rapidly changing landscape, how should organizations choose the “right” banking partner? Having recently gone through this process myself, here are some steps that worked for my organization.

First, conduct an inventory of existing processes and meet with key stakeholders in your organization, including executive leadership, treasury, corporate finance, financial planning and analysis, accounting, collections and AR, AP, internal audit and compliance, and IT. Their collective input should form the foundation of your request for proposal (RFP).

Of course, this isn’t a one-size-fits-all exercise. RFP requirements will vary depending on your organization’s makeup (e.g., size, public versus private ownership, domestic versus multinational operations, and growth strategy).

I recommend securing three to five RFPs; anything more becomes burdensome and dilutes focus. The stakeholders involved early in the process should also participate in evaluating the proposals within their areas of expertise. This typically includes meeting with each bank’s service team and completing scorecards to objectively assess each institution.

Other considerations when assessing a potential banking partner may include looking at an institution’s:

• Cost and pricing transparency.
• Customer service and relationship model.
• Technology and integration capability.
• Geographic and global coverage.
• Credit capacity and flexibility.
• Cultural alignment and values.

IMPLEMENTATION: WHERE THE RELATIONSHIP BEGINS

Once all inputs are collected, it’s time to select your strategic banking partner—an exciting milestone marking the start of a long-term relationship. Take a moment to celebrate the decision, then move directly into planning the implementation.

This phase sets the foundation for the partnership and defines what, when, and how it’ll be implemented. Organizations must determine whether to adopt all solutions at once or take a phased approach. For instance, my team opted for a phased rollout due to resource constraints, which proved to be the right choice.

Putting your new banking partnership into action requires work beyond your usual responsibilities, so resourcing must be carefully considered. Underestimating this effort will almost certainly cause timeline delays. Since technology system integration is often required, IT should be engaged from the very beginning to ensure a smooth transition.

Depending on scope, implementing a new banking partner typically takes three to six months, though durations can vary. To keep the project on track, regular check-ins with both the  bank’s team and your internal teams are essential. This ensures alignment, transparency, and consistent communication across all stakeholders.

SUSTAINING THE PARTNERSHIP

Once the implementation is complete and new solutions are in place, ongoing communication is key. Regular check-ins with your relationship managers provide an opportunity to share feedback and stay informed about new product offerings that may enhance efficiency or security.

Overall, effective communication—both internally among key stakeholders and externally with your banking team—is the foundation of a successful treasury partnership.