A convergence of trends in the global trade environment is spurring many transaction banks to action: many previously thriving geographies are seeing reduced demand for trade finance, traditional bank-mediated trade finance instruments are declining in use while open account transactions wax rise, and necessary regulatory pressure are adding further costs onto many banks’ books.
Luca Corsini, Global GTB Co-Head at UniCredit, explains in TMI how many transaction banks are responding by reviewing strategies and operating models at every level. Internal efficiency gains are of course an important step that many are taking, but a more thorough re-examination of current approaches to client service and fintech collaboration is leading to the emergence of holistic and client-focused digital solutions that will ensure improved and sustainable services in the coming years. This is good news for corporates – who will enjoy a greater availability of digital solutions, at better prices, and with enhanced functionality.
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