FINANCIAL INNOVATION AND TECHNOLOGY INTEGRATION IN EXPORT CREDIT OF COMMERCIAL BANKS
Keywords:
Export Credit, Commercial Banks, Financial Innovation, TechnologyAbstract
Exports are considered crucial for the economic growth of the country as they contribute to the increased GDP and employment opportunities. In this scenario export credit stands not in isolations, they play a very crucial and critical role in the promotion of exports. Export credit are offered by both commercial banks and other export promotion agencies. The support offered by export credit from commercial banks lies in its ability to provide financial assistance to exporters, enabling them to navigate the complexities of international trade by mitigating risks, offering competitive financing terms, and facilitating trade finance, export credit empowers exporters to expand their market reach, strengthen economic growth, and contribute to global trade stability. Traditional banking activities are time consuming with lengthy procedures and paperwork’s, but the introduction of innovation and financial technology in the field of banking has come up with prompt working and time saving making the banking activities simpler with anytime anywhere access. The financial innovation improves efficiency by reducing risks, and enhancing customer experience in banking. Financial innovations such as block chain technology, artificial intelligence, and digital platforms transforms various banking functions, including payments, lending, and risk management. Benefits of technology integration in export credit activities can include including faster processing times, reduced fraud, and enhanced transparency. Thus this study aims to bring out how commercial banks can integrating financial innovations and technology into export credit activities in eliminating the challenges that faced while using the traditional method of banking.
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