Trade wars, sluggish economic activity, and COVID-19 induced lockdowns have disrupted the global supply chain, leading to a higher proportion of trade linked defaults. The future of trade finance, which has traditionally been a paper and people heavy business, lies in digitalization. As a result, banks are unable to meet customer expectations in the current constrained environment. Information gaps due to siloed nature of data flow and significant manual interventions have accentuated the issues and significantly impacted the time to market. Organizations needs to find solutions to bridge these gaps and build a more robust and customer centric trade finance system.
Instead of the incremental modernization approaches that are siloed in nature, the need is for complete reimagination of the processes across the trade finance value chain. While the globally accepted practices do not allow banks and financial services firms to reimagine the end-to-end process, customer journeys – which are within the purview of the banks – can be transformed through insights-driven cognitive automation that is seamlessly integrated with existing systems.
TCS’ Trade Finance Transformation Services help drive a holistic overhaul of the trade finance processes through a range of solution levers, which are:
With TCS’ comprehensive suite of trade finance solutions and services, banks and financial services firms can realize the following benefits: