Despite their importance to the world economy, SMEs often face problems accessing credit when and where they need it. Their banking needs are often more complex than the usual retail banking customer and they don’t offer banks the revenue potential of larger corporations.
The future of digital treasury tech will bring about the death of shared services, payment factories and supply chain finance, argue Standard Chartered executives. They met with GTNews to discuss seeing a greater connection between treasury and the physical supply chain and the dramatic digital advances being seen in Asia, Africa and the Middle East.
Despite significant technological advances in recent years, many banks are being held back by legacy technology. Estimates suggest banks spend up to 80% of their IT budgets on legacy technology maintenance.
Many may think the phrase “trade finance” is really just a euphemism for financial complexity. Yet the historically paper- and manually-intensive processes are giving way to modernisation and digitisation. Pay close attention to the changes.
Before the crisis trade was growing faster than GDP. Now it isn’t, buffeted by a dangerous mix of economic and political headwinds.
As investors wake up to the huge financial damage that can be caused by unethical behaviour, companies should ensure that doing business ethically is a goal shared by all of its workforce.
Tech-savvy banks and the new wave of disruptors will be the beneficiaries as banking undergoes a long-awaited transformation.
Ireland is a potential beneficiary as businesses relocate from the UK post-Brexit, but this is undermined by the threatened disruption and complexities that increasingly appear to be a likely consequence.
Consumers, companies and regulators are increasingly demanding sustainably-made and socially responsible products, so it has never been more important for corporates to maintain a responsible supply chain.
Europe’s introduction of the General Data Protection Regulation (GDPR) next May will have implications for businesses around the world and US corporates should start getting ready if they haven’t already done so.