MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

HSBC joins IBM to develop cognitive intelligence to eliminate language barrier

HSBC joins IBM to develop cognitive intelligence to eliminate language barrier

The world’s leading trade finance bank, HSBC is planning to work with IBM to develop an innovative cognitive intelligence solution that combines optical character recognition with advanced robotics to procure global trade safer and more efficient for thousands of businesses.

The new solution propounded uses IBM’s advanced analytics technology, including intelligent segmentation and text analytics, to identify, digitize and extract key data within these documents before feeding it into the bank’s transaction processing systems; boosting accuracy whilst freeing up staff for more value - adding activities.

“The average trade transaction requires 65 data fields to be extracted from 15 different documents, with 40 pages to be reviewed,” said Natalie Blyth, HSBC’s Global Head of GTRF. “By digitizing 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.”

“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.” 

Today, HSBC is using the technology to analyze English-language import and export bills in various markets of Asia, Europe, America and the MENA region. The team of the bank aims at enhancing the solution so that it can aptly read a wider range of documents and languages including French, Spanish and Chinese.

“We are continuously investing in technologies that will improve the way we work for the benefit of our customers and our people,” said Natalie Blyth.

YOU MAY ALSO LIKE

Marketing Partnership: NBA, McDonald’s Will Jointly open NBA Experience Zones India

There is good news for all basketball fans in India. Very soon, NBA themed promotions and experience zones will be launched in India. The announcement...

Dunzo to Raise Funds from Google, others

Dunzo, the app which is trying to make life easier for the people upto some extent plans to raise about Rs. 183 crore from different investors which a...

Sapta Shakti Command Will Be Displaying Defence Technology Equipment at Jaipur Military Station

This event is organised with an aim to provide an opportunity where one and all can experience the developments in the field of defence and security-r...

Samsung is All Set to Roll out Its Galaxy A9 Smartphone On November 20

After Samsung unveiled its new Galaxy A9 smartphone in Singapore last month, the company is all set to launch it in India on November 20. In Singapore...

RECOMMENDED