MEDICI Launches Report on Innovations in Trade Finance
Digital transformation roadmap for Banks & FIs in the trade finance ecosystem.
- New York, NY (1888PressRelease) September 05, 2020 - MEDICI has released its new report on ‘Innovations in Trade Finance’ on September 4, 2020. In this report, MEDICI touches upon the key technologies, such as Robotic Process Automation, Optical Character Recognition, and Artificial Intelligence, which should be part of the digital transformation roadmap and key innovations that are taking place in the trade finance ecosystem.
Key Highlights
-Banks & FIs are facing tough competition and are embracing newer innovations for their practices. They are trying to digitize their trade finance solutions to enhance transparency, reduce risk, and provide quick credit at a lower cost to their clients.
-The impact of COVID-19 could be stressful to the supply chain and eventually increase the rate of non-payment of debts, which could increase the stress on the trade finance arms of the banks and FIs.
-Banks are collaborating with FinTechs to accelerate their innovations and product rollouts to provide their customers with more value-added services and improve the digital infrastructure to enrich the frictionless trade flows through automation.
-The global pandemic and the trade wars have been an incentive for the large banks and FIs to innovate and adopt technologies in their processes.
Trade finance is becoming a tough business for banks due to the cost involved and increased competition. This could also be witnessed in the decrease in total merchandise exports, which has seen a dip in the last two years. Due to COVID-19, trade between countries is likely to suffer, and we might see a decrease this year, too. Hence it will result in loss of revenue for banks across the globe. However, this also brings opportunities for banks to plan their digital roadmap so that when trading starts to flourish again, they will be less expensive, provide faster service, and compete with their tech-savvy rivals.
‘Innovations in Trade Finance’ will be available starting September 4, 2020, at USD 200. For more information on the report, visit http://goMEDICI.com/tradefinance.
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