In recent years, the digitalization of manual, paper-based processes has made trade-finance data much more accessible. The market now has the potential to predict market trends and forecast trade flows and can better assess risks to improve credit decisions, optimize supply chains to streamline processes and reduce delays. It can also identify suspicious activity and detect potentially fraudulent transactions.
Better and more data will open new markets
Patrick DeVilbiss, CGI
These strong data flows – particularly true end-to-end digital data processing – will drive far more straight-through processing and increase efficiency for banks, according to Patrick DeVilbiss, director consulting trade and supply-chain solutions at CGI.
“With better data indicators, banks would have the opportunity to open up new products, particularly in the area of sustainable supply-chain finance, as well as improving financial inclusion with a focus on closing the multi-trillion dollar trade-finance gap,” he says.
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