Receivables Finance is one of the products besides letter of credit business and trade loans business. In a concrete customer example, John Beaney impressively describes the combination of of good banking practices and the the digital journey.
Digitalisation is vital in trade finance. HSBC´s customers want self-serve and work with HSBC efficiently. Furthermore, it is also important to have interfaces with people when they have to make strategic decisions or face challenges.
One of the more comprehensive market developments is the "Electronic Documents Act" in the United Kingdom, an important piece of legislation. 28 billion commercial transactions that are processed with physical pieces of paper can be carried out digitally in the future, with a significant impact on sustainability and customer satisfaction, and better process speed and efficiency. It will also open up new financing opportunities.
John Beaney uses selected examples to explain the opportunities and expectations on the digital path and shows differences in digital data availability in different regions of the world. There is undoubtedly a huge demand for working capital, which can be met by a bank with a high level of expertise in working capital using modern digital solutions in collaboration with technology partners. The collaboration with these is very fruitful and has wonderful potential.
