The digitization of global trade finance, a gradual and necessary process

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Digitization offers short-term benefits of transferring data, documents and processes from an analog environment to a digital environment. Simple processes such as scanning, converting paper reports to digital, telephone calls in which the physical sound is transformed into a digital file, promote the optimization of internal processes and result in a substantial reduction in costs.

On the other hand, digitization generates medium and long term opportunities by taking advantage of digital technologies and digitized data to transform business models, change the way customers and institutions interact and generate new digital revenue.

It also has a third meaning: digital transformation. It is about the impact that digitization has on individuals and the corporate culture of an organization by introducing radical changes in its forms of leadership and empowerment fostered by the digital technology at hand.

In a international trade In this context, there are several lines of action whose objective is none other than to endow this company with a fully digital ecosystem. However, we cannot say that the rate of realization and adoption is desirable for its main actors. The only certainty that exists is that this adoption will not be done in a “big bang” way, but through various initiatives which complement each other and which allow solid progress.

Some of these initiatives include digitized processes from start to finish, while others only deal with the more complex part of the traditional process, such as the digital presentation of documents for collections management and letters of credit. And then there are those looking to approach the processing of physical document presentations within financial entities from an operational perspective.

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