Navigating trade technology: Insights from CGI’s annual survey with BAFT

As the global banking landscape rapidly evolves, technology remains at the heart of strategic transformation.

The opinions expressed here are those of the authors. They do not necessarily reflect the views or positions of UK Finance or its members.

CGI, in collaboration with the Bankers Association for Finance and Trade (BAFT), conducts an annual trade technology survey to unravel these changes and gain insight into how banks are adapting. 

The survey: A comprehensive snapshot

Our survey, which garnered responses from a diverse array of banks—from global powerhouses to regional and super-regional institutions—offers a rich perspective on trade technology’s current and future state. With participation from senior-level professionals, including Managing Directors and Vice Presidents, the survey encapsulates both ground-level operations and high-level strategic intentions.

The ascendance of intelligent process automation (IPA)

One of the standout findings of this year’s survey is the prominence of intelligent process automation (IPA), including artificial intelligence (AI) and related technologies, as a key focus for banks over the next five years. IPA's rise to the top reflects the significant enthusiasm surrounding AI and its tangible, practical applications in the trade sector.

Banks are increasingly recognising that their customer service and product offerings are inextricably linked to the technology they deploy. As traditional differentiators like customer service and product innovation become intertwined with technological capabilities, the need for cutting-edge solutions has never been more critical.

From hype to reality: IPA’s impact

The survey reveals a shift in how banks perceive IPA technologies. While previously among the top three or four responses, IPA now stands out as a leading priority. This shift underscores a growing awareness of the practical benefits AI can deliver, beyond the initial hype.

Current implementations of IPA in trade technology are not just speculative; they are real and impactful. Platforms such as Conpend’s TradeAICleareye’s Clear Trade, and Complidata’s TradeSpeed are already delivering substantial improvements in compliance, trade operations, and sanctions screening. These technologies are proving their worth by enhancing efficiency and reducing operational risk.

The role of AI in trade operations

AI’s integration into trade operations is transforming how banks process transactions. For example, IPA solutions streamline document handling, data extraction, and compliance checks. By embedding expert knowledge into applications, banks are institutionalising subject matter expertise, thereby reducing operational risk and ensuring consistency as the industry confronts the challenges posed by a wave of retirements among its more experienced subject matter experts and further cost pressures in running a highly manual business.

Moreover, these advancements are helping banks manage compliance more effectively. With increasing regulatory demands, traditional methods of compliance—often reliant on manual processes and large teams—are becoming untenable. IPA solutions offer a scalable alternative, improving efficiency and compliance without proportional increases in resource allocation. 

Partnership and the modernisation imperative

A recurring theme in the survey is the need for banks to modernise their core systems alongside adopting new technologies. Integrating advanced technologies like AI into outdated systems can lead to inefficiencies and limit long-term success. To fully realise the benefits of emerging tools, banks must address core processing challenges and prioritise modernisation efforts.

Adopting software-as-a-service (SaaS) solutions is emerging as a key component of this modernisation, offering flexible operating models, shared infrastructure, and shared development approaches. More broadly, collaboration with experienced technology providers has proven particularly effective, with survey participants emphasising the value of external partnerships in driving successful technology adoption.

Conclusion

Our annual trade technology survey, conducted in collaboration with BAFT, continues to provide valuable insights into the changing trade technology landscape. As banks balance technological advancements with operational challenges, adopting of intelligent process automation and AI will be pivotal. By modernising systems and embracing innovation, banks can remain competitive and effectively meet the evolving demands of the global trade sector. If you would like to discuss these insights please get in touch with Patrick or Sean Devaney