Technology innovation is driving change across the financial industry. Indeed, while fintech innovation was initially focused on enhancing payments, attention has increasingly turned to trade finance, with a growing number of vendors developing new propositions to enhance the efficiency, security and network of trade transactions.
Writing in TFR, BNY Mellon’s Joon Kim (Head of Global Trade Product) and Lucille Mayer (Managing Director and Client Information Officer) discuss this new phenomenon. They explain that, while the trade sector can be slower to adopt new technologies, collaborative approaches, involving input from banks, fintechs, and clients, can help to drive client-centric innovation. With clients involved in new developments – ideally from inception – they will not only be able to understand the changes, but can help steer the direction of the digital trade journey according to their needs. It is only through collaboration that client buy-in can be secured.
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