This is particularly so in trade finance, despite the sector having broadly avoided, or been spared, innovation and disruption on a broad scale.
"Emerging customer characteristics and demand drivers are especially valuable given the different strategies Australian banks are employing to 'crack' new Asian markets."
Martin Smith, Head of Markets Analysis at East & Partners in Sydney
eTrade solutions and straight-through digital processes are yet to pervade Australian import and export goods and services transactions with the regularity and frequency observed across lending, payments or transaction banking products.
The uptake of relatively new trade products such as bank payment obligations, electronic bills of lading, open account financing and overall appetite for outsourcing trade documentation has been limited.
DIFFERENCE OF OPINION
According to our surveys, the specific trade finance product and service factors corporates rate the most highly differ significantly whether you are consulting an Australian- or Asian- based CFO.
These surveys at East & Partners involve direct conversations with over 350 export and import enterprises within Australia and the top 1000 Asian institutional enterprises by revenue (excluding Japan), providing unique analysis and comparisons across both regions.
Although risk advice and value for money are key drivers of customer acquisition and retention across both regions, Asian corporates hold trade credit processes and industry knowledge in much higher regard than their Australian counterparts.
Conversely, Australian corporates are considerably more focussed on general trade advice and customer service.
Asia's largest enterprises by revenue continue to demand better liquidity support and closer guidance for growing their underlying trade business, while their Australian counterparts favour innovative supply chain management initiatives the most intently when considering who to allocate their trade finance business to.