Stanbic Bank Uganda has launched an end-to-end digitalized trading platform dubbed “Quantum Trade” to enable customers access Import Letters of Credit and Domestic guarantees quickly. The online platform will facilitate trade and allow customers receive products in a quick and timely manner.
With the ongoing Covid-19 pandemic, face-to-face interactions have been reduced and international travel restricted. Trade must however must go on, and hence the need introduce and use digital solutions such as Quantum Trade where everything from applications to issuance is fully digitalized, enhancing speed and transparency.
“We have designed the Quantum Trade platform to cater for two pathways taking account of differences in frequency of usage by clients. The platform is encouraged for clients with frequent or high volume of Import Letters of Credit and or Domestic Guarantee requirements. However, an alternative path exists for clients with occasional need for LCs and/or Guarantees, which doesn’t require the full onboarding process, and termed a walk-in path,” Mr. Tunde Thorpe, Head of Transactional Products and Service at Stanbic Bank.
To access the platform, clients have to first pre-register then can proceed to access the platform via our online portal from the comfort of their offices or homes. To complete their application, the clients need to download and print the application and deliver to the nearest Stanbic bank branch for the necessary checks. The application process is intuitive, easy to complete and can be done within a few minutes.”
For either path, the first step would be for clients to contact their relationship manager or the nearest branch.
Being fully digitalized platform, customers can remotely access the service with minimal manual intervention, as well as real time tracking of application status, supported by prompt email notifications.
Thorpe said, “Quantum Trade also brings an element of data analytics to bear. Leveraging on client transaction history on the platform, the system is able to present pre-populated offers for application to the client, thus saving time and effort. There is a lot more visibility and transparency around transaction costs, giving clients a view of transaction costs per application.”
In addition, users will have access to the bank’s Trade Club Platform to complement their business activities by affording them an opportunity to interact with other business people across the globe.
“Quantum Trade’s contribution towards the county’s economic growth is hinged primarily on facilitating trade, including foreign trade, which according to World Bank figures accounts for 48.2 % of Uganda’s GDP, in a simple efficient manner,” Thorpe said.
The convenience and efficiency that Quantum trade brings to the Domestic Application process helps put clients in a better position to vie for such opportunities, as they are able to meet up with some of the requirements more promptly, Thorpe said.
The digital nature of transactions consummated on Quantum Trade, creates a data footprint of sorts, which can be harnessed in future to garner insights that can be used for the betterment of the economy, of course subject to the provisions of the data privacy laws.
It goes without saying that Trade is a critical ingredient for economic growth given its role in raising standards of living, providing employment, and enabling consumers to enjoy a wider variety of goods and services.