Citi Treasury and Trade Solutions: How to Optimize Your Treasury Needs on a Global Scale

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A new world of client services is on the horizon for banking clients Sandra Peterson, Global Head Client Service Treasury and Trade Solutions, Citi Institutional banking clients make no secret about it: they want their banks to deliver service that is fast, easy, and accurate. Even more, they demand support 24X7, as they have come to expect around-the-clock immediacy and convenience based on their experiences as consumers. This article takes a look at how banks, including Citi, are responding to these expectations and creating a more modern service paradigm. Accurate and reliable information Looking through the lens of the client, Citi realizes that harnessing data, specifically “big data”, is essential to meeting the demands of clients in a world dominated by digitization and automation. Clients want frictionless processes, ability to self-serve and access to all of their data in a user friendly way, to be able to focus on what matters to them. For banks, creating a better client experience in a data-driven environment often begins with the assembly of disparate data elements from multiple systems and sources around the globe into a cohesive framework. Creating this “single source of truth” establishes the foundation for providing clients with direct visibility into up-to-date information about their accounts and transactions across the globe. To be certain, creating a cohesive data framework across a large global bank such as Citi, which processes $4 trillion daily across more than 96 countries, is no small undertaking. Citi began its journey to create a single source of truth three years ago, with technologists and big data specialists tackling the requisite back-end data mining, mapping, and programming. One of the first online service tools to evolve from this effort was Citi® Payment Insights (CPI), which gives clients direct online access to real-time details about their payment transactions, including processing status, correspondent bank charges, and the amount credited to the beneficiary. They can even monitor their payments via a visual tracker, making payment monitoring akin to tracking a postal package. Citi has developed a number of reporting capabilities in CitiDirect BE® as well as APIs and online knowledge centers so clients can perform actions on their own that historically required engaging a service representative, such as returning unrecognized payments, via Citi Service Insights (CSI). Activities that previously took several days can now be accomplished within minutes via a few keystrokes. Access to data globally through the “single source of truth” is also leveraged in Citi’s service models, as Client Service Officers can now cover clients for multiple geographies providing day-to-day transactional support and through the availability of the data Citi can significantly reduce client touchpoints, which is often cited as a challenge for clients with centralized treasury functions working with several local banks. Demands for quick, easy, and accurate client service are being met with new innovations and service delivery models that are changing the face of client service. Accelerated response times When it comes to providing faster client service, CPI is just one example of how banks are putting big data and new technologies to work to respond to client demands. The compilation of global account inventories is another. In the past, information about accounts was maintained in local country systems, and clients depended on their service representative to collate it. As one might imagine, assembling an inventory of accounts across dozens of countries was highly manual, prone to manual error, and could take several days to complete for a large multinational client. Now, thanks to Citi’s single source of truth and digitization efforts, clients can directly access this information themselves in a matter of minutes. Artificial intelligence (AI) is also playing a big role in streamlining and accelerating service response times. A component of AI known as natural language processing (NLP), for example, can take unformatted text in a client’s email or SWIFT service query and convert it into structured data. NLP can automatically classify data such as account numbers, transaction numbers, payment amounts, and beneficiary names to determine the intent of a request. Using pre-programmed algorithms, NLP will pull data from the bank’s system and prepare a response to the client — almost instantly. At Citi, NLP is also being used to interrogate internal and external databases to automatically respond to queries related to a payment confirmation. Electronic inquiries about such requests are interpreted and payment statuses are retrieved from Citi’s systems or SWIFT’s Global Payments Initiative (GPI) tracker. The process now takes mere seconds, compared to days when the confirmation was reliant on manual touchpoints and messaging across the bank network. Citi continues to work with SWIFT and industry partners to further develop digital capabilities for inquiry management including gpi Case Resolution (gCase) which will establish a community inquiry tool amongst correspondent banks. Getting in front of client needs New technologies and automation are reshaping the client-service landscape in seemingly endless ways, promising to continuously reduce friction, delays, and costs. Even in a world where technology is king and digital tools offer smart ways of getting fast and accurate answers with minimal effort, there will always be a need for personal interactions. As the needs of institutional clients evolve and bank services and products change, so too will the service delivery models of banks. Take the role of service representatives, for example. Looking ahead, rather than simply fielding and responding to client queries, they will be expected to play a more active role in anticipating and identifying the needs of clients. If, for instance, a representative notices that a client is calling at the beginning of every month for a specific report the client could actually download on their own, he or she could guide them on how to get it. As another example, if a representative is aware that there will be system maintenance during a time that a client typically performs a specific task, such as reconciling accounts, he or she could get ahead of what could be a frustrating experience for the client and advise them to plan accordingly. In addition, service representatives will also be more involved in identifying tools and services that empower clients to get what they want, when they want it. More of their time will be spent guiding treasury staff to make the most of new digital tools and technologies at their disposal. In essence, client service teams will shoulder more responsibility for helping clients become more productive and more efficient. The path forward What does all this mean for institutional banking clients? Their demands for quick, easy, and accurate client service are being met with new innovations and service delivery models that are changing the face of client service. Tomorrow’s digital tools are providing smart ways of getting quick answers to service queries with minimal effort. At the same time, the roles of service representatives who are on the frontline with clients are also being redefined. With an eye towards using innovation, insights, and interactions, these efforts aim to not only meet client needs, but exceed them. Banks realize that to maintain a competitive advantage they must remain a step ahead of their clients, identifying the next-best banking solution with service that is smarter, better, and faster.

<article class="mb-15">
<h3 class="h3 text-center text-citi-blue mb-15">A new world of client services is on the horizon for banking clients</h3>
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<div class="text-center col-md-4 col-12 offset-lg-4"><img class="mb-15 rounded-circle" src="/rcs/citigpa/storage/public/icpublic/sandra-peterson.jpg" alt="Sandra Peterson" />
<p><strong>Sandra Peterson</strong>,<br />Global Head<br />Client Service<br />Treasury and Trade Solutions, Citi</p>
</div>
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<h3 class="text-citi-blue">Institutional banking clients make no secret about it: they want their banks to deliver service that is fast, easy, and accurate. Even more, they demand support 24X7, as they have come to expect around-the-clock immediacy and convenience based on their experiences as consumers.</h3>
<h3 class="text-citi-blue">This article takes a look at how banks, including Citi, are responding to these expectations and creating a more modern service paradigm.</h3>
<h4 class="text-citi-blue">Accurate and reliable information</h4>
<p>Looking through the lens of the client, Citi realizes that harnessing data, specifically &ldquo;big data&rdquo;, is essential to meeting the demands of clients in a world dominated by digitization and automation. Clients want frictionless processes, ability to self-serve and access to all of their data in a user friendly way, to be able to focus on what matters to them.</p>
<p>For banks, creating a better client experience in a data-driven environment often begins with the assembly of disparate data elements from multiple systems and sources around the globe into a cohesive framework. Creating this &ldquo;single source of truth&rdquo; establishes the foundation for providing clients with direct visibility into up-to-date information about their accounts and transactions across the globe. To be certain, creating a cohesive data framework across a large global bank such as Citi, which processes $4 trillion daily across more than 96 countries, is no small undertaking.</p>
<p>Citi began its journey to create a single source of truth three years ago, with technologists and big data specialists tackling the requisite back-end data mining, mapping, and programming. One of the first online service tools to evolve from this effort was Citi<sup style="font-size: x-small;">&reg;</sup> Payment Insights (CPI), which gives clients direct online access to real-time details about their payment transactions, including processing status, correspondent bank charges, and the amount credited to the beneficiary. They can even monitor their payments via a visual tracker, making payment monitoring akin to tracking a postal package. Citi has developed a number of reporting capabilities in CitiDirect BE<sup style="font-size: x-small;">&reg;</sup> as well as APIs and online knowledge centers so clients can perform actions on their own that historically required engaging a service representative, such as returning unrecognized payments, via Citi Service Insights (CSI). Activities that previously took several days can now be accomplished within minutes via a few keystrokes.</p>
<p>Access to data globally through the &ldquo;single source of truth&rdquo; is also leveraged in Citi&rsquo;s service models, as Client Service Officers can now cover clients for multiple geographies providing day-to-day transactional support and through the availability of the data Citi can significantly reduce client touchpoints, which is often cited as a challenge for clients with centralized treasury functions working with several local banks.</p>
<h3 class="text-citi-blue">Demands for quick, easy, and accurate client service are being met with new innovations and service delivery models that are changing the face of client service.</h3>
<h4 class="text-citi-blue">Accelerated response times</h4>
<p>When it comes to providing faster client service, CPI is just one example of how banks are putting big data and new technologies to work to respond to client demands. The compilation of global account inventories is another. In the past, information about accounts was maintained in local country systems, and clients depended on their service representative to collate it. As one might imagine, assembling an inventory of accounts across dozens of countries was highly manual, prone to manual error, and could take several days to complete for a large multinational client. Now, thanks to Citi&rsquo;s single source of truth and digitization efforts, clients can directly access this information themselves in a matter of minutes.</p>
<p>Artificial intelligence (AI) is also playing a big role in streamlining and accelerating service response times. A component of AI known as natural language processing (NLP), for example, can take unformatted text in a client&rsquo;s email or SWIFT service query and convert it into structured data. NLP can automatically classify data such as account numbers, transaction numbers, payment amounts, and beneficiary names to determine the intent of a request. Using pre-programmed algorithms, NLP will pull data from the bank&rsquo;s system and prepare a response to the client &mdash; almost instantly.</p>
<p>At Citi, NLP is also being used to interrogate internal and external databases to automatically respond to queries related to a payment confirmation. Electronic inquiries about such requests are interpreted and payment statuses are retrieved from Citi&rsquo;s systems or SWIFT&rsquo;s Global Payments Initiative (GPI) tracker. The process now takes mere seconds, compared to days when the confirmation was reliant on manual touchpoints and messaging across the bank network. Citi continues to work with SWIFT and industry partners to further develop digital capabilities for inquiry management including gpi Case Resolution (gCase) which will establish a community inquiry tool amongst correspondent banks.</p>
<h4 class="text-citi-blue">Getting in front of client needs</h4>
<p>New technologies and automation are reshaping the client-service landscape in seemingly endless ways, promising to continuously reduce friction, delays, and costs. Even in a world where technology is king and digital tools offer smart ways of getting fast and accurate answers with minimal effort, there will always be a need for personal interactions. As the needs of institutional clients evolve and bank services and products change, so too will the service delivery models of banks.</p>
<p>Take the role of service representatives, for example. Looking ahead, rather than simply fielding and responding to client queries, they will be expected to play a more active role in anticipating and identifying the needs of clients. If, for instance, a representative notices that a client is calling at the beginning of every month for a specific report the client could actually download on their own, he or she could guide them on how to get it. As another example, if a representative is aware that there will be system maintenance during a time that a client typically performs a specific task, such as reconciling accounts, he or she could get ahead of what could be a frustrating experience for the client and advise them to plan accordingly.</p>
<p>In addition, service representatives will also be more involved in identifying tools and services that empower clients to get what they want, when they want it. More of their time will be spent guiding treasury staff to make the most of new digital tools and technologies at their disposal. In essence, client service teams will shoulder more responsibility for helping clients become more productive and more efficient.</p>
<h4 class="text-citi-blue">The path forward</h4>
<p>What does all this mean for institutional banking clients? Their demands for quick, easy, and accurate client service are being met with new innovations and service delivery models that are changing the face of client service.</p>
<p>Tomorrow&rsquo;s digital tools are providing smart ways of getting quick answers to service queries with minimal effort. At the same time, the roles of service representatives who are on the frontline with clients are also being redefined. With an eye towards using innovation, insights, and interactions, these efforts aim to not only meet client needs, but exceed them. Banks realize that to maintain a competitive advantage they must remain a step ahead of their clients, identifying the next-best banking solution with service that is smarter, better, and faster.</p>
</article>

Digitization: Client Service Gets a Whole New Look

The past year or so has been defined by challenges and uncertainty for global trade due in part to supply chain disruption brought about by the pandemic and a boom in demand. In this report, we discuss the current state of play in supply chain disruption and present why it can be imperative for corporates to engage with a bank that could help navigate through the storm. State of Play – Supply Chain Disruption The supply chain of large multi-national corporates can be extremely complex due to the global nature of operations and the diversity of products produced. By taking a sample of 12 large industrials companies globally, we demonstrate the inter-sector dependency of supply chains of these companies, tracing three layers upstream of their suppliers. Figure 1. Supply Chain Dependency – Industrials Source: Citi Global Data Insights, Bloomberg In Figure 11, the colour intensity of the sector corresponds to how ‘concentrated’ that sector is. This can be a useful proxy to help identify sectors in the supply chain that are heavily reliant on a few companies, which may make them more susceptible to supply chain shocks. It is evident from the diagram that Auto Parts and Semiconductor supplies are critical to this sector, but attention should also be paid to the presence of multiple other sectors in this interlinked supply network. Focusing on tech2, the shortage of semiconductor equipment unsurprisingly appears to be an even bigger issue for the sector. Other tech supplies such as Electronic Components and Computer Processing Hardware are also prevalent in this sector. Similar to what we have observed of the Industrials sector, the supply chain of tech broadens out rapidly to other sectors with merely tracing upstream by two layers. These observations may demonstrate the expansive nature of the global trade and the scale of the problem if their supply chains are disrupted, as the ripple effect could easily expand beyond the immediate supply layer. Figure 2. Supply Chain Dependency – Technology Source: Citi Global Data Insights, Bloomberg Figure 3. Supply Chain Disruption – mentions in corporate documents Through natural language processing (NLP) on corporate filing and other public documents, we analyse corporate sentiment surrounding supply chain issues globally. It appears that the negative sentiment expressed in corporate documents has been increasing since the beginning of 2021 with a large spike seen in the second half of 2021. Source: Citi Global Data Insights, AlphaSense Figure 4. Supply Chain Disruption by Industry – mentions and sentiment in corporate documents The industry breakdown as shown in Figure 4 highlights the top 20 industries where supply chain issues were mentioned with the highest frequency and where the most pain appears to be felt as the negative sentiment dominates. Source: Citi Global Data Insights, AlphaSense Figure 5. Ports Experience Increases4 in Average Stop Duration by Shipment To understand the scale of the problem on the ground, leveraging shipping data from Contguard3, Figure 5 supports that the bottlenecks indeed spread across the globe with the most significant escalations in average wait time seen in the US, Asia, South America and Middle East. Most of these ports have reported double-digit increases in terms of average stop duration by shipment when comparing 2021 to 2020. Source: Contguard Figure 6. Average % Idle Time per Shipment The average percentage of idle time per shipment, which can be a useful data point for corporates to optimize inventory levels, has also increased to over 70%, well above the 3-year average of 58% across the shipments that Contguard tracks. Source: Citi Global Data Insights, Contguard Figure 7. Supply Chain Topics Mentioned in News Source: Citi Global Data Insights, Yewno Supply chain issues have also been widely reported in the news media, especially over the past 12 months. By using NLP to extract topics mentioned, Figure 7 illustrates the terms that are most often associated with supply chain news articles. Unsurprisingly “Shortage” and “Procurement” are the two most mentioned terms highlighted in the news but importantly supply chain optimisation, inventory control management and order fulfilment have also been the key topics discussed. The supply chain challenges observed currently can highlight the importance of engaging with a bank that has a global footprint and a culture of fostering innovations to help corporates navigate potential roadblocks at this critical time. Helping clients work through supply chain disruption Recent events have underscored the importance of a steadfast, experienced and innovative financial collaborator and advisor when it comes to helping to mitigate exposure to market risk. The value of such partnerships can be particularly evident when businesses are required to act swiftly in response to rapid, widespread or unexpected developments. Throughout the pandemic, leading banks have been a stalwart for businesses – working closely with clients to help support their daily operations and working capital needs and working to ensure the wheels of global trade continue turning effectively. Examples The collapse of Greensill Capital put many supply chains at risk. As a result, many affected companies turned to financial institutions (FIs), like Citi, to help absorb their trade flows and financing needs. Citi provided support to several major corporates including a telco company, which faced the challenge of onboarding a high spend, strategically large client along with several hundred suppliers across multiple markets. Through regular correspondence, transparency and the company’s close management of its key stakeholders – including its suppliers – the telco’s needs were met within a restricted timeframe, helping to mitigate the risks presented by the fallout. As the COVID-19 pandemic reached Brazil, Citi helped Kimberly-Clark (K-C) ensure that its hygiene products were available to protect families and communities with a distributor finance solution. K-C quickly mobilised resources across its global business services (GBS) division and approached Citi to develop a solution to mutually sustain and grow our business during this difficult period. Our combined team quickly stepped up, often at very antisocial hours, to create and deliver a bespoke solution at pace. The outcome was a strategy helping to drive sales growth and support K-C’s wider distribution ecosystem, whilst helping to address working capital needs in an efficient way. At the height of the pandemic, many supply chains came under severe strain and shifted course, buying behaviour patterns dramatically changed and some businesses experienced credit rating downgrades. U.S. credit downgrades, in dollar terms, during the 2020 pandemic shock were among the largest seen, according to Citi Research. Companies looked for banks close to their clients around the world and which were positioned to help connect clients with multilateral agencies (MLAs), export credit agencies (ECAs) and development agency financing to support them quickly and efficiently. For instance, Citi was recently involved in notable UK Export Finance (UKEF) supported transactions in which a high-end automobile maker accessed a high value loan facility as part of the Export Development Guarantee scheme and a leading engineering client was the beneficiary of a loan that gave it the financial resources to take advantage of green trade opportunities. A global ally with local insights But what makes such institutions so resilient and reliable during a crisis? Scale, for one, can be central. Having global coverage can enable clients to receive consistent support and access to new products – wherever they may be based or do business. Scale can also open up access to vast networks of payables finance investors. The benefits here can be two-fold: first, businesses may be able to leverage a larger, more diverse investment pool; and second, sharing the credit support means those banks may be more diversified to credit risk and therefore may be better positioned to provide additional working capital support to clients. Examples Citi implemented a global supply chain finance (SCF) solution for Halliburton in the pandemic that has helped to unlock an estimated US$150m+ in working capital globally and closed the gap on supply chain neutrality, working to align vendor and supplier terms, while supporting suppliers with competitive financing. The programme has more than 500 suppliers. Citi delivered for Halliburton in countries such as Oman and Iraq, demonstrating our global capabilities, and a truly global platform. Halliburton can see all their in-country financial supply chain activities on a single dashboard. Citi helped Tetra Pak International, the food packaging and processing company, implement a global SCF solution. Tetra Pak wanted to ensure consistency and efficiency and align its SCF programme with the global approach taken by its finance function. Moreover, Tetra Pak’s business model means that suppliers have relationships with multiple global buying entities; to make the SCF programme as straightforward as possible for suppliers, a truly global implementation was required. Tetra Pak developed an IT solution that covers 95% of designated countries and achieves automation via full integration with our ERP and our bank’s platform. Citi’s global digital banking platform coupled with our local knowledge in many markets can be a great help to clients as they navigate complex markets. Helping them with changing buying patterns to minimise supply chain disruptions and helping to ensure timely payment to existing suppliers, coupled with onboarding new sets of suppliers quickly and digitally, is also in our toolkit. Given Citi’s global presence and global platforms, shifting operations from one market to another can help support a seamless experience for our clients. Additionally, larger banks can be more self-sufficient in many of the areas that smaller providers may need to outsource. For instance, having the funding capabilities and experience to develop solutions in-house can be a differentiator. This can enable banks like ours to choose the most effective route for implementing a particular solution, whether creating it internally or through collaboration with technology providers, helping to avoid the risk of disruption driven by business setbacks. Open for innovation Citi’s global network of people, data and relationships fosters a mindset for effectively helping to find opportunities, manage risks and make connections for clients. Being open to various forms of innovation and collaborations is a key requirement. Whatever the path, the destination should be delivering client-centric innovation. Citi is collaborating with multiple leading, carefully selected third parties to help bring enhancements to clients. Leading banks have a responsibility to be an agent for change. Global banks also help shape the global trade landscape in line with client needs. Working closely with multinational industry bodies, such as the International Chamber of Commerce (ICC), is an important way to help promote positive developments. Banks are also working to help drive important developments in the industry. Example: Trade Information Network Some ventures, particularly those involving a significant change in industry practice, in many instances are best executed in collaboration with industry partners. An excellent example is the Trade Information Network, a consortium that Citi helped found in 2018, together with five other banks5. As an inclusive global multi-bank, multi-corporate network in trade finance, it seeks to transform open account trading by digitizing it – creating an inclusive and open industry-standard network that is open to both banks and corporates. It allows corporates to communicate trade information to banks more easily and securely (for instance by digitally submitting and verifying purchase orders and invoices), and to request trade financing directly. Once they join, Buyers and suppliers are in control of their data, designating who can access it. Having reliable information assists banks and can help reduce errors and fraud, while at the same time having information earlier in the supply chain can help unlock earlier financing. By deploying open architecture, standardised connectivity and governance principles modelled on SWIFT, the Network aims for maximum adoption that eases access to trade finance for a wider range of companies, including small-medium size enterprises (SMEs). The fundamental purpose is to address the persistent industry issue of the global trade finance gap, estimated at US$1.5 trillion6, which affects SMEs, thereby helping such businesses and global trade, to reach their full potential. Citi will use the network to offer additional financial support to suppliers earlier in the supply chain cycle. Collaborating for a greener future Moving forward, environmental, social and governance (ESG) sustainability in supply chains is a big hurdle that corporates need to adjust to, with multiple shifts in sourcing policy. The industry appears to be seeing a big push from many clients to use their supply chains as a tool to help improve the ESG sustainability of their businesses – and partnerships are can often be invaluable in this space. Figure 8. Supplier ESG Score vs Company ESG Score Distribution Indeed, as depicted in Figure 8, corporates that have higher ESG scores appear to have suppliers that are deemed to be better ESG performers7. The trend may accelerate further in this space as more corporates strive to coalesce around suppliers that are regarded as more sustainable. Source: Citi Global Data Insights, Truvalue Labs, MSCI, Bloomberg Citi is expanding its global supply chain finance capabilities for clients to include new sustainable finance solutions that are designed to help them meet their sustainability goals, including diversity and inclusion initiatives. Citi’s engagement with a third-party provider of business sustainability ratings is designed to help support Citi’s clients and their suppliers’ efforts to achieve sustainability performance targets and uphold best practice standards. The programme incorporates an incentivized pricing model for suppliers as a motivational tool to align with a company’s procurement sustainability goals, including ESG issues based on data and insights provided by the third-party verifier. Examples Citi recently launched its first Sustainability-linked Supply Chain Finance programme in Asia Pacific for Henkel, aimed at supporting Henkel as it advances its ESG priorities, improves the resilience of its supply chain and manages working capital needs. The programme was first launched with suppliers in Australia and will be expanded to include suppliers in additional markets. The programme is also a first for Henkel in Asia Pacific and it is targeted at existing and new suppliers who demonstrate strong or improving sustainability performance. Qualifying suppliers can access Citi’s supply chain financing at preferential rates on a tiered basis, with rates improving as a supplier’s sustainability score improves. Citi partnered with the International Finance Corporation (IFC) and McCormick & Company, a global leader in flavour, to provide suppliers of McCormick’s herbs and spices with financial incentives linked to improvements in measures of social and environmental sustainability. The programme has started with suppliers in Indonesia and Vietnam and will soon be launched in other countries. By collaborating with experts in ESG solutions, such as ratings platforms (used to assess business sustainability), banks can deliver tools to help support clients’ journeys to green and help meet their ESG sustainability targets. Working with government agencies can further support clients’ sustainability and climate resilience aims. Through working arrangements with organisations such as the IFC and UKEF, for instance, clients may benefit from partial guarantee supply chain finance programmes targeted specifically towards green financing. By providing banks with risk mitigation support, such programmes help to increase the amount of sustainability funding support that may be available to clients. Citi’s aim to support ESG initiatives is not only with our clients and government agencies. This also includes internal practices. For example, the Trade back-office team recently digitised several internal processes to reduce printing paper. In summary Market developments, challenges and – in particular – crises, are often hard to predict, but having a strong financial collaborator and advisor can make a material difference to a corporate’s ability to help address business disruption. As the industry continues to evolve, Citi is committed to building upon our existing capabilities and network – including with clients, fintechs, industry bodies, multilateral agencies and internally – in order to maintain the exceptional level of support we aim to provide to our clients around the world. Helen Krause, Head of Data Science Insights, Citi Global Data Insights Brian Yeung, Data Scientist, Citi Global Data Insights Parvaiz Dalal, Global Head of Payables Finance, Treasury and Trade Solutions, Citi Valeria Sica, Global Head of Trade Product Development, Treasury and Trade Solutions, Citi Adoniro Cestari, Global Head of Trade Product Management, Treasury and Trade Solutions, Citi 1 The width of each pipe represents the total relationship amount between each supplier and customer sector pair. This helps identify the biggest sectors by dollar amount in the supply chain that are crucial to the final product / service the end companies provide. A darker-colour bar indicates a higher concentration means that majority of the transaction flow for a sector is attributed to a small number of companies 2 Using supply chain data of large 40 tech companies globally 3 Contguard is a global monitoring company that offers an end-to-end service for managing goods in transit and helps monitor and track billions of dollars’ worth of shipments across a multitude of global routes. 4 Larger circles in darker colour indicate longer average stop duration at ports. 5 ANZ, BNP Paribas, Deutsche Bank, HSBC and Standard Chartered 6 https://www.adb.org/publications/2019-trade-finance-gaps-jobs-survey 7 Analysis done on MSCI World universe by using Truvalue ESG scores (ranges from 0 to 100) combined with supply chain data from Bloomberg. The green horizontal line in the box plot denotes the median of the score distribution for each ESG score bracket.

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