What's Happening?
Standard Chartered has released its Future of Trade: Digitalisation report, which explores how banks can assist businesses in navigating technology transformations. The report is based on a survey of 1,200
corporate leaders across 17 markets and four sectors: energy, technology, media and telecommunications, consumer and retail, and power and diversified industries. The findings highlight that 68% of leaders are focusing on foundational systems like cloud computing before adopting emerging technologies. This approach presents opportunities for banks to offer guidance on phased technology adoption strategies.
Why It's Important?
The report underscores the critical role banks play in supporting businesses through digital transitions. As companies prioritize foundational technologies, banks can provide essential advisory services to ensure smooth integration and compliance with regulatory requirements. This is particularly significant in regions with diverse regulatory regimes, such as Africa and the Middle East, where banks can offer expertise in navigating complex compliance landscapes. The ability to guide businesses through digitalisation not only strengthens banking relationships but also enhances operational efficiencies across industries.
What's Next?
As businesses continue to prioritize digitalisation, banks are expected to expand their advisory roles, offering more tailored solutions to meet specific industry needs. This could involve developing new partnerships and frameworks to address the challenges of unstructured data and inefficiencies in supply chain management. Additionally, banks may focus on enhancing their own digital capabilities to better support clients in their technology adoption journeys.
Beyond the Headlines
The shift towards digitalisation in banking and business could lead to long-term changes in how financial services are delivered. As banks become more integral to technology adoption, they may influence broader industry standards and practices, potentially driving innovation and competitiveness in global markets.
