The influx of new and innovative technologies has given rise to a variety of initiatives in banking and trade finance to support digital acceleration, collaboration, rising compliance requirements, and improving processes to increase efficiencies. The initiatives have been underpinned by technology including blockchain/DLT platforms, intelligent process automation, artificial intelligence, machine learning, natural language processing, and robotic process automation. Despite initial enthusiasm, the implementation and the resulting impact has been inconsistent since the first proofs of concept launched.
CGI and BAFT set out to better understand the current state of technological advancements in trade and how the pandemic has accelerated the need and importance. A survey of over 200 BAFT members was conducted in the summer of 2020 and this report summarizes the results and perspectives.