Facing the need to invest heavily in technology upgrades to remain competitive in full service global trade documentary processing or get out of the business entirely, Key Bank chose instead to outsource to ABN AMRO.
KeyBank’s corporate customers need letters of credit for global trade. But the bank didn’t want to make the requisite capital investment. So it outsourced that process to ABN-AMRO, another bank. The happy result: the new services offered by the outsourcer helped KeyBank attract new customers.