What's Happening?
Standard Chartered has released its Future of Trade: Digitalisation report, which explores how banking partners can assist businesses in technology transformation. The report is based on a survey of 1,200
corporate leaders from 17 markets across sectors such as energy, technology, media and telecommunications, consumer and retail, and power and diversified industries. The findings reveal that 68% of leaders are prioritizing foundational systems, particularly cloud computing, before adopting emerging technologies. This approach creates opportunities for banks to guide businesses in phased technology adoption strategies, emphasizing the advisory and partnership roles banks can play during this transition.
Why It's Important?
The report underscores the critical role banks can play in supporting businesses through digital transformation. As companies prioritize foundational systems like cloud computing, banks have the opportunity to act as advisors, helping businesses navigate the complexities of technology adoption. This is significant for the U.S. economy as it highlights the evolving role of banks beyond traditional financial services, positioning them as key players in the digital economy. Businesses that successfully integrate digital technologies can enhance efficiency, competitiveness, and innovation, potentially leading to economic growth and increased market opportunities.
What's Next?
As businesses continue to prioritize digital transformation, banks are likely to expand their advisory services, focusing on technology integration strategies. This could lead to increased collaboration between banks and technology firms, fostering innovation and new service offerings. Stakeholders such as corporate leaders and technology providers may engage in partnerships to leverage banks' expertise in digitalization, potentially influencing industry standards and practices. The ongoing shift towards digital solutions may also prompt regulatory bodies to update policies to accommodate new banking roles and technologies.
