What's Happening?
Standard Chartered has released its 'Future of Trade: Digitalisation' report, which examines how banks can support businesses in their digital transformation efforts. The report is based on a survey of 1,200
corporate leaders from 17 markets across sectors such as energy, technology, media, telecommunications, consumer and retail, and power and diversified industries. The findings highlight that 68% of leaders are prioritizing foundational systems like cloud computing before adopting emerging technologies. This approach opens opportunities for banks to guide businesses in phased technology adoption strategies.
Why It's Important?
The report underscores the critical role banks can play in facilitating digital transformation across various industries. As businesses increasingly prioritize digital infrastructure, banks have the opportunity to position themselves as key partners in this transition. This could lead to enhanced advisory roles and new revenue streams for banks, while businesses benefit from more efficient and innovative operations. The focus on foundational systems like cloud computing suggests a strategic approach to digitalisation, which could lead to more sustainable and scalable business models.
What's Next?
As businesses continue to prioritize digital transformation, banks are likely to expand their advisory services to meet the growing demand for digital solutions. This could involve developing new partnerships and investing in technology to better support clients. The emphasis on foundational systems suggests that future developments may include more sophisticated technology adoption, such as artificial intelligence and machine learning, as businesses become more comfortable with digital infrastructure.
