Banks and financial service providers have been doing their part to thrive in today’s tech-driven era, but their trade financing operations have been relatively slow to catch on. As banks struggle to maintain profitability and manage risks, they are frequently hampered by ever-changing regulatory regimes as well as complex archaic and traditional legacy systems.
Banks are constrained not by a lack of demand for trade finance, but by a lack of capacity. Banks have yet to fully capitalise on the opportunities presented by the global trade finance ecosystem due to their heavy reliance on paper-based transactions and manually driven collaboration and information exchange.
To combat these challenges and reimagine their trade finance operations, banks must prioritize modernization and tap into opportunities presented by technological advancements.
Read this whitepaper to deep-dive into:
- The challenges that are preventing banks from transforming their trade finance operations
- The four-pronged approach to trade finance transformation
- Why a low code-based trade finance platform is the way forward
- How Newgen’s trade finance platform can help with the holistic transformation of trade finance operations
