Digitizing global trade finance, a progressive and necessary process - BBVA
Digitization provides short-term advantages related to the transfer of data, documents and processes from an analog environment to a digital one. Simple processes such as scanning, converting paper reports to digital, telephone calls in which physical sound is transformed into a digital file, favor the optimization of internal processes and translate into a substantial reduction in costs.
On the other hand, digitalization generates opportunities in the medium- and long-term by taking advantage of digital technologies and digitized data to transform business models, modifying the way in which clients and institutions interact and generate new digital income.
It also has a third meaning: digital transformation. This refers to the impact that digitization has on individuals and an organization's corporate culture by introducing radical changes in its forms of leadership and empowerment favored by the digital technology at hand.
In a global trade context, there are several lines of action whose objective is none other than to provide this business with a fully digital ecosystem. However, it cannot be said that the rate of achievement and adoption is desirable for its main actors. The only certainty that exists is that said adoption will not occur in a ‘big bang’ manner, but through various initiatives that complement each other and that allow solid progress.
Some of these initiatives include digitized processes from start to finish, while others only deal with the most complex part of the traditional process, such as the digitized presentation of documents for collection management and letters of credit. And then there are those that seek to address the treatment of physical document presentations within financial entities from an operational perspective.
For the tenth consecutive year, Garanti BBVA was presented the award for the Best Trade Finance Bank by Global Finance magazine. This award confirms yet again Garanti BBVA’s experience and leadership offering its clients unique solutions in the trade finance field.
International trade plays an essential role in our everyday lives: in both developed countries and emerging markets, a large part of the products and services result — either partially or totally — from commercial dealings with other countries.