Almost every industry was affected by the pandemic, and many businesses that had already incorporated some form of digitization in their processes were still forced to significantly implement digital operational processes to service clients.
For the “manually-intensive, paper-based” global trade finance industry, where trade transactions are accompanied by countless original paper forms that need to be reviewed and signed off in-person at each stage of the process, one can only imagine how incredibly ineffective the sector became.
And the fact that many buyers, sellers, ports, customs officials, banks and other parties were working from home and unable to retrieve or send documents only made the situation worse.
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