State Bank of India's Digital Leap in Trade Finance

State Bank of India is revolutionizing its trade finance operations with a centralized digital hub for eastern and northeastern regions. This move, leveraging AI, machine learning, and blockchain, aims to enhance processing speed, compliance, and customer experience, setting new industry benchmarks.

The State Bank of India (SBI) is set to revolutionize its trade finance operations by establishing a centralized digital hub for the eastern and northeastern regions. This strategic move is aimed at accelerating the processing of transactions, bolstering compliance measures, and significantly enhancing the overall customer experience, according to the state-owned financial institution.

During a recent visit to the Global Trade Finance Centre (GTFC) in Kolkata, SBI Chairman C S Setty emphasized the importance of this initiative. Setty described it as a pivotal step in the bank's strategy to manage trade finance and international banking transactions across its branches in the targeted regions.

The GTFC boasts a team of over 300 skilled professionals, driving the bank's shift from traditional paper-based operations to cutting-edge digital processes. By leveraging technologies such as artificial intelligence, machine learning, and blockchain, the bank aims to set new standards in speed, security, and customer experience within the trade finance sector.

(With inputs from agencies.)