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Treasury management digitalization: Current state of the art of research
The increasing digitalization of business processes in all spheres of the economy all over the world is an undeniable trend. Over the past two decades, research on digital transformation has garnered increasing attention, with a broad array of topics explored in the literature. However, certain research domains have received less scholarly attention from this viewpoint, with treasury management being a notable example. Therefore, this is of particular interest to provide insight into the current state of research devoted to treasury management digitalization, especially in light of the development level of this function and its overall significance. The purpose of the study is to provide a comprehensive overview of digitalization in treasury management, delineating the primary research tendencies and thematic concentrations within this critical research domain. To achieve these objectives, the research strategy primarily utilized bibliometric analysis to map the intellectual structure and evolution of the field. This was complemented by a traditional systematic literature review, which synthesized qualitative insights to offer a comprehensive understanding of the current state of research on treasury management digitalization. The employed bibliometric and systematic literature review (B-SLR) analysis revealed three key clusters offering valuable insights into treasury management digitization: research focusing on treasury units' digital transformation generally emphasizes risk control, viewing digital transformation as a significant adoption reflected in the establishment of smart analytical centers; studies geared toward banks perceive digitalization as liquidity management efficiency enhancer across both risk and business parameters; research on corporates examines digital technology as a cash management automation tool, approaching digitalization from a managerial perspective aimed at information and management centralization. This study offers valuable insights for academic scholars by identifying research gaps and suggesting promising future directions for empirical investigation and theoretical development. For industry practitioners, the study clarifies impactful digital transformations and provides relevant analogies, thereby creating real-world value and informing decision-making in this dynamic field.