Trade tech has developed quickly. There are networks of solutions for various processes within trade and supply chain finance which have successfully digitized the documents that make up trade finance, and in theory can digitize trade end-to-end.
The demand for change is well-documented, too. Over 90% of executives are looking to make supply chains more resilient and the NT798 digital trade channel saw 70% increased use in 2020.
The tech is there, and as developments such as Electronic Transferable Records work to move legal complexities and trade standards forward, a switch will flick in trade & supply chain finance.
Banks must anticipate reform in light of trade finance developments that have been rapidly accelerated by the pandemic.
Those banks that can get ahead of the curve will also be able to get ahead of their competition, expanding into vast new markets.
The key take-aways
How to strategize real change and digitizing front-to-back, end-to-end trade now.
What trade and working capital as-a-service means for banks and how lenders can integrate it with their strategy to grow their business.
How to offer corporate clients the experience that they are now demanding by future-proofing the banking portal.
Different models for managed services that local and regional banks can also leverage for cost-effective implementation without sacrificing functionality.