Fully digital trade is less than a world away
Banks must be ready to orchestrate trade and working capital
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.
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