EuroFinance

At a time when artificial intelligence is reshaping corporate functions, treasury teams face a familiar question in an unfamiliar context: what skills will matter most? For Pedro Carvalho, treasury and corporate finance director at GOL Linhas Aéreas, a Brazilian airline based in Rio de Janeiro, the answer is less radical than many might expect.

“The key characteristic for a good treasury professional has always been first and foremost curiosity,” he says. Far from being displaced by technology, the instinct to question, connect and understand remains central. Treasury, he argues, “is not about interest rates and processes. It’s about figuring out where everything ties together.”

This emphasis on fundamentals shapes his vision of the ideal treasury team. Rather than a wholesale shift toward either youthful digital natives or experienced professionals, he advocates balance. Younger professionals bring fresh perspectives and a willingness to ask questions; experienced hands contribute judgement forged in crisis. In treasury, where errors can be very serious, that balance matters. “If I do something wrong in the treasury, I can pretty much amend the business,” he notes.

Experience, particularly through turbulent periods, is invaluable. Having experienced multiple crises, he stresses the importance of composure. “We’ve been through worse. We know how to operate,” he tells his team during volatile periods. The implication is clear: resilience is learned.

 The role of technology

Technology, however, is changing the landscape. Carvalho is pragmatic about artificial intelligence. While he acknowledges its “tremendous potential”, he resists more sweeping claims. AI, in his view, is “a big step in the evolution of systems, particularly in handling unstructured data and natural language. But it is not a substitute for human judgement.”

“There’s a lot of critical thinking that will need to come from the human brain,” he says. Because large language models operate probabilistically, they tend to reproduce existing patterns rather than generate genuinely new ideas. “The new thought is something very hard for this kind of technology to grasp.”

The result is a division of work. Machines handle speed and scale; humans offer understanding and insight. Careless use of AI can mislead—“it will hallucinate eventually”—but used well, it becomes a powerful tool. “It’s a hammer,” he says. “If you don’t know how to use it, you destroy things more than you build.”

This interplay between technology and human skill is reflected in what he sees as the biggest gaps in treasury teams today. Professionals tend to fall into two camps: those with deep technical finance expertise and those skilled in data and systems. The most effective, he argues, are those who can bridge both worlds—not perfect specialists, but well-rounded operators. “Not a 10 in one thing and a two in another… but an overall seven.”

Handling data is an example. Treasurers do not need to be programmers, but they must understand the value of data and how to extract it. Whether through coding, spreadsheets or collaboration, the method matters less than the mindset. “I know this can be done… and I know how to raise my hand and ask for help,” he says, describing an equally valid approach.

That collaborative instinct extends beyond internal teams. Treasury connects banks, technology providers and business units. Communication, explaining technical insights in business terms, is critical. “That’s where you unlock value,” he says.

When it comes to training, Carvalho is sceptical of purely formal approaches. Courses and certifications have their place, but experience remains the most effective teacher. “There still hasn’t been born a human being that learns the way with the GPS on,” he says. Real learning occurs in uncertainty, when decisions must sometimes be made without a clear roadmap.

Treasurers, he suggests, are uniquely suited to developing such decision-making skills early. Even junior professionals must weigh risk, liquidity and profitability simultaneously. These are transferable capabilities, making treasury a natural place for developing broader organisational talent.

Yet even here, technology has limits. Automated platforms may improve efficiency, but they cannot fully replace human interaction. Relationships still matter, whether negotiating with banks or securing better pricing. “There’s still an intrinsic value of knowing your trader and speaking to them,” he says.

In the next three to five years, Carvalho expects a challenging economic environment. Success will depend on disciplined, data-driven decisions and a clear understanding of risk. High-performing teams will not just analyse data but interpret it, anticipate patterns and feed insights back into the business.

They will balance competing demands: technology and judgement, data and intuition, automation and human connection. In treasury, as in much of corporate life, the future may be shaped by new tools. But it will still be navigated by people asking the right questions.

Pedro Carvalho, treasury and corporate finance director at GOL Linhas Aéreas, will be speaking at the EuroFinance’s 30th International Treasury & Cash Management Summit Miami  in May.  He will speak in the session “Teams and skills: identifying the ideal treasury team of the future”, alongside Louri Amador VP assistant treasurer at PVH Corp; and Emily Howell Global treasurer, senior director of risk at Copart.