Osaka an opportunity to discuss big data within global trade

Within trade finance, challenges exist for the big, experienced players as well as the newer entrants. Banks are eager to service and attract new customers with trade instruments, yet the service models and financing is complex and potentially risky. Big data a big topic across the financial industry, offers the potential to capitalize on the information available in the trade arena. Banks could gain insight into their customers by using the data they have available about their trade transactions. Knowing that customers are buying goods from a particular country could help a bank to tailor services more appropriately to a customer and offer the kind of consultative service customers crave.

The upcoming SIBOS event offers the opportunity to further explore these and other activities in global trade. Standards and collaboration will no doubt be a heavy component of the dialogue. Bank Payment Obligation can be expected to be a key part of the consideration of what trade looks like moving forward. Opportunities and strategies to leverage big data underpin many of these initiatives.