Trade finance could be the first banking practice to be reinvented by IoT, according to chief technologists from ANZ, UBS and Standard Chartered, who shared their perspectives on how banks take and apply technology to the conflicting challenges of operational efficiency and business transformation at Sibos 2015. Trade finance currently relies heavily on the movement of physical good, and the practice is particularly complicated and time consuming, and thus can "be simplified massively going forwards" with IoT, according to ANZ CIO, Oliver Bussman.
Trade finance could be the first banking practice to be reinvented by IoT, according to chief technologists from UBS, ANZ and Standard Chartered, who shared their perspectives on how banks take and apply technology to the conflicting challenges of operational efficiency and business transformation at Sibos 2015. Trade finance currently relies heavily on the movement of physical good, and the practice is particularly complicated and time consuming, and thus can "be simplified massively going forwards" with IoT, according to UBS CIO, Oliver Bussman.