CEO Update
December 2011 CEO Update
Over the past few years Bolero has established a reputation for proven and speedy delivery of value in multi-bank trade finance solutions and services. As a result we are often asked to comment on general market trends in this space and the evolution of various market initiatives.
It is curious that many of the ‘solutions’ emerging in this space would be best described as ‘the tail wagging the dog’. In other words a piece of component technology or an existing industry standards infrastructure which is prescribed as the critical ingredient to resolve the multi-bank problem without any regard for how to assemble a total solution which would ultimately deliver value to the corporate customer (or indeed to the bank). In fact much of the time the delivery of value to the corporate customer is entirely forgotten as one specific community focuses purely on their own needs or on the re-use or adaptation of existing infrastructure.
One of the principal reasons that Apple succeeded with the iPod when they entered a somewhat crowded MP3 marketplace, was the fact that they realised that the easy and speedy delivery of end value to the consumer could only be achieved by packaging all the components of the solution together into a seamless, easy to access and fit-for-purpose solution. In this way the product proposition was for a true consumer device rather than a collection of technologies which needed technical skill, time and effort to assemble.
This is a good lesson for the multi-bank trade finance market space. We see time and again solutions entering this space which establish a new ‘standard’ or a new proprietary ‘app’ or ‘portal’ but which leaves the assembly of a solution to the end customer. The danger with this approach of course is that it can take significant time and cost to reach an end solution which then may not even be fit-for-purpose, may not deliver to original expectation and in some cases may never go live. When you hear that implementation of such a multi-bank solution ‘is complex and will take a considerable time’, this is probably a clue!
In contrast, Bolero has built a whole product solution designed from its core as fit-for-purpose in the delivery of value to the complex document based processes associated with trade finance. The solution is designed to be easy to implement by all parties, without the need for substantial investments in hardware, software or technical integration. In addition, by delivering proven solutions to the real needs of both corporates and banks, Bolero has also ensured that its customers are future-proofed from any local or emerging initiatives or standards.
The proof? Well as an example our most recent corporate customer, a large US corporation, went live during November transacting with their first two major banks in just over 60 days from signing contracts and beginning implementation.
Our advice to all companies embarking on evaluation and selection of a multi-bank trade finance solution is to a) ask how many customers are actually live on the technology being proposed b) ask how long it took to implement, and c) take references and talk directly to real customers. Too often a ‘case study’ proves to be actually only an enthusiastic powerpoint of the vision for a solution which has not yet been assembled, or is at the very early stages of implementation, rather than proof of a solution’s credentials or a demonstration of its success. And relying on a component of a solution which may be an industry standard in another market to also be the standard or infrastructure (or even appropriate at all) for multi-bank trade finance can be a dangerous underlying assumption.
August 2011 CEO Update
June 2011 CEO Update
March 2011 CEO Update