Magazine article Global Finance

Client Focus Critical to Remain Competitive

Magazine article Global Finance

Client Focus Critical to Remain Competitive

Article excerpt

Global Finance: How can banks ensure they match the client-centric trade finance services offered by more-agile newcomers?

James Rausch: I would say, first and foremost, that it is critical to take pride in being a client-centric organization. There is no substitute for delivering an exceptional client experience; but it is important that banks continue to adopt a more-agile approach to delivering the products, technology and services that clients need and expect.

Letters of credit are used in major markets, such as Asia, and help buyers or importers obtain preshipment finance or working capital from their banks. This will remain in place, as it serves a need. Clients in the developed world are moving to an open account structure, and we are seeing a shift by providers to offer these solutions to clients.

The new entrants in this field are very focused on technology; while the banks have an established competitive edge in providing credit products, such as trade finance. I think there is great opportunity for banks and new entrants to have a symbiotic relationship, bringing different skills and capabilities to the table. There will be an advantage to working together on niche technologies and being first to market.

GF: How can you help your clients meet different regulatory requirements involved in cross-border transactions?

Rausch: One of the strengths we have at RBC is our ability to provide bespoke service to our clients, depending on their needs and capabilities. Larger corporate clients will have the resources to monitor and respond to regulatory requirements, whereas small and medium-size enterprises may require assistance in navigating the regulatory environment. …

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