Lately, there seems to be a frenzy well fed by consulting firms in the enterprise world about digitisation and the necessity to “digitise” companies’ business models and operations.
The banking industry in Ukraine has been beset by conditions so dire—from rampant fraud in its main banks, threats of war to foreign capital flight—that some thought it would never fully recover. Yet with help from international partners, the government, under the leadership of the National Bank of Ukraine, is making impressive strides toward putting its banking sector back on solid, fruitful ground.
It is becoming clear that trade digitisation has huge potential to unlock access to world trade for small-to-medium-sized enterprises (SMEs). The move away from laborious, manual, paper-based processes will lever simpler access to trade finance
After two decades of innovation, the benefits of digitisation are becoming clearer to banks, corporates, carriers and many of the other parties involved in international trade.
The digitalisation of the trade-finance industry is still very much a work in progress. The findings of the ICC Banking Commission’s latest Global Survey on Trade Finance, “Rethinking Trade and Finance”, shed light on the extent of the progression up until now and suggest what still needs to be done to accelerate the journey toward transformative innovation and its attendant benefits.
Leading has always been demanding of one’s personal skills and knowledge, but the world of digital has upped the ante even more for banking executives. Digital stewardship, decentralised decision-making and followership are three practical approaches toward developing digital leadership, crucial for financial institutions that are shepherding their staff and clients through the unknown and continuously evolving digital journey.
As digitisation trends transform nearly all aspects of modern banking, banks are having to rethink how they interact with their customers at every step in the banking journey.
Banking used to be all about monetary profit and loss, but those days are gone. Today banks are being pressured to include a host of other considerations in their decision-making, such as how their investments will promote sustainability and corporate-responsibility objectives, and many of them are employing digital media to lay out their plans and actions to a concerned public.
China is investing heavily in financial technology while the rest of the world is lagging behind, propelling the country to the forefront as the global leader in the fintech revolution. A favorable regulatory environment and a welcoming, underbanked domestic population are a few of the factors contributing to this eastward fintech migration.
Cybersecurity is a growing risk area for all businesses at the moment. In particular, over the past year it has become glaringly obvious that there are a number of gaps in cybersecurity protection and infrastructure when it comes to the banking sector.