View all newsletters
Receive our newsletter - data, insights and analysis delivered to you

HSBC taps IBM robotics & cognitive tech for process automation

The new solution uses IBM’s advanced analytics technology, including intelligent segmentation and text analytics, to identify, digitise and extract key data within documents.

By Tom Ball

HSBC has taken a giant stride towards having a paperless system by working with IBM to automate the trade finance transaction process.

HSBC and Big Blue will work together on a cognitive intelligence solution, combining IBM’s optical character recognition with advanced robotics to make global trade safer and more efficient for thousands of businesses.

Prior to this technological development, documents spanning as many as 100 million pages required manual review, putting into perspective the level of disruption the IBM technology is able to provide.

Natalie Blyth, HSBC’s global head of GTRF, said: “By digitising this process we will make transactions quicker and safer for both buyers and suppliers, leading our industry forwards, and we will reduce compliance risks through an enhanced ability to manage huge volumes of data.”

HSBC taps IBM cognitive tech for process automation

HSBC has been keen to implement disruptive technologies and harness their potentially advantageous attributes. The bank is among a group of other European banks working specifically to develop blockchain technology, with a target of bringing it on board within the bounds of 2017.

“The problem is how to capture semi-structured documents with highly variant content through an analogue process, and no-one has the perfect answer,” said Roger Welch, Industry (Financial) Expert and Solution Architect for IBM Analytics ECM practice. “In our experience, no trade finance solution has come as far or done as much as this new solution.”

Content from our partners
Why email is still the number one threat vector
Why HR must take firm steps to become a more data-driven function
Why enterprises of all sizes must  embrace smart manufacturing solutions

In addition to this, HSBC has implemented voice recognition as a security measure for its banking app, using over 100 separate characteristics of the human voice to enhance security. This measure was however bested by twins.

IBM is also continuing to develop and champion technology innovation, despite being weighed down by its legacy business. Recently IBM achieved a substantial stride forwards in deep learning, achieving record results for speed and accuracy, these records were previously held by Microsoft.

READ MORE: IBM and Maersk work together to use blockchain for logistics

The journey towards achieving paperless processes has also involved developments within blockchain technology. IBM has been working with shipping and logistics giant, Maersk, to harness the capabilities of blockchain, aiming to disrupt and streamline the highly paper-based industry.

At the beginning of 2017, IBM set a new US patent record with innovation in areas such as artificial intelligence (AI), cloud, and cognitive computing, representing an energetic and forward thinking approach to cutting edge technology.

Topics in this article: , , , ,
Websites in our network
NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
I consent to New Statesman Media Group collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU