In some areas of their business, banks and financial institutions are already well on their way to completing their transformation journeys. Processes amenable to digitization have indeed been digitized, and the increasing adoption of technologies such as robotic process automation means that huge swathes of banking operations are now touch-free and paper-free.
However, some business units have proved resistant. For example, trade finance deals, with their extensive lists of counterparties and external actors, still typically rely on manual data exchange. The applying company completes paper or online forms, which are processed through multiple systems, handed off to counterparties, approved by legal, risk and compliance teams – and ultimately rejected or approved.