The processes of automation and digitization clearly exemplifies how the convergence of technology and human interaction can truly bring about tangible value across so many industries and operational processes.
Many clients we speak with ask the same questions, “does the machine actually make a difference? Can I really gain genuine value from automating a complex manual process that requires so much attention to detail and is never the same for each transaction?”
These are fair and legitimate questions. We encountered that same thinking when outsourcing operations first started – wondering ourselves, is really worth it.
Innovation will always be questioned for the very simple reason that we are usually working in relatively unchartered waters and breaking barriers. There is also the adage of not wanting to fix (read change) something that isn’t broken! There is a lot to be said about that and banks, in particular, are typically not early adopters, largely due to the regulatory framework that they operate within.
But something has changed.
We believe that our first few clients like Standard Bank in Africa have played a big part in lighting the touchpaper for trade finance automation. Their vision to believe in what we could deliver has really proven, beyond any doubt, that banks can gain value, better operational control and risk mitigation as well as efficiency, digitalisation and agile connectivity via API’s to their entire trade ecosystem.
We are delighted that many other banks have are now taking the leap of faith to truly change their working methods in adopting our technology to make a real difference. Used cases are now more evident as banks spend less time questioning whether this actually works and more on how the solution can work in their own operating environments to maximize value.
Risk mitigation appears to be a key deciding factor when making decisions on automation and there is no question that the pandemic has played its part in illustrating the challenges of current manual processes.
Taking this further, we now see our clients desire to expect us to support their entire end of end process from extracting data from current trade platforms, digitising the data, checking all documents in the way a human does including all LC clauses and then performing automated sanction screening, vessel tracking etc. Furthermore results are then passed back into Trade back ends systems and can be sent directly their clients or counterparts for discrepancy consideration.
Things have come a long way since we started six years ago and I have been amazed at the pace and genuine desire to change and adopt automation.
Our unique solution to automate discrepancy checks by interpreting all LC clauses for almost all LC types (out of the box) allows clients can to benefit immediately from automated document checking. We believe our shared learning and effective OCR extraction of each data point in a transaction, places our SAAS based solution as a true enabler for change.
There is still much to do. As trade experts, we initially shared your scepticism but have been staggered at how today’s technology can support the automation of complex LC reviews and document scrutiny. Technology continues to advance at a pace as we imagine a metaverse where virtual becomes a reality and payments are made in crypto.
But for now, if I bring us back to earth, I will settle for an automated document checking engine that can be relied on for perfect reviews, digitised data and automated compliance checks – plug & play style!
This is where reality is today. If you are still not convinced, please call us so we can show you how our platform, that can swiftly transform your trade operations!
