The International Chamber of Commerce (ICC) released its 10th annual Global Survey, showing that 60% of banks are moving towards greater digitalisation, but only 9% say technology solutions have so far increased efficiency.
Over 60% of banks surveyed in the new ICC report Global Trade: Securing Future Growth reported that they have implemented, or are in the process of implementing, technology solutions to digitalise their trade finance operations.
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However, only 9% reported that the solutions implemented have reduced the time and costs in trade finance transactions. 30% of respondents say their banks remain 1-2 years away from implementing technology solutions while 7% say digitalisation is not on their agenda at all.
The high number of documents and players (banks, customs authorities, shippers, and insurers, among others) involved in trade finance transactions, make it difficult for the industry to digitalise quickly.
In the report, 65% of respondents say that physical paper has been removed to some extent in the issuance/advising and settlement/financing of documentary transactions. An exception is the document verification process, where 52% of respondents say that paper has not been removed at all.
The ICC Global Survey figures show that the majority of banks are moving towards more digitalisation, recognising its potential advantages, however only a minority have so far seen technology solutions increase their operational efficiency.
See more information in Global Trade: Securing Future Growth