As banks and the global trade industry have returned to a new post-pandemic normal, CGI and BAFT requested input surrounding technology priorities and investments within financial institutions’ trade organizations. After the consolidation of Fintechs last year, we saw a continued push to more targeted partnerships and solutions with Fintechs or third parties that drive more value for banks’ customers. Based on the survey participants’ feedback, investments in innovation appear to compete for limited resources at trade banks, including ESG initiatives, digitization, compliance, SCF growth, and automation.
While competition for investment may be challenging, the vast majority of banks are still working with Fintechs and third parties, creating a trade ecosystem with a myriad of customer solutions. Banks have also refocused on modernizing core back-office and front-office solutions to meet market needs and provide connectivity with technology partners.
