HSBC and IBM develop cognitive intelligence solution to digitise global trade

HSBC and IBM develop cognitive intelligence solution to digitise global trade

*Working with IBM, HSBC has developed a new technology to help automate and
simplify the processing of millions of documents used daily in international
commerce

PR Newswire

ARMONK, N.Y., Aug. 10, 2017

ARMONK, N.Y., Aug. 10, 2017 /PRNewswire/ -- HSBC, the world's leading trade
finance bank, is working with IBM (NYSE: IBM) to develop a cognitive
intelligence solution combining optical character recognition with advanced
robotics to make global trade safer and more efficient for thousands of
businesses.

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HSBC's Global Trade and Receivables Finance (GTRF) team facilitates over
USD500 billion of documentary trade for customers every year, and in doing so
must manually review and process up to 100 million pages of documents, ranging
from invoices to packing lists and insurance certificates.

The new solution uses IBM's advanced analytics technology, including
intelligent segmentation and text analytics, to identify, digitise 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 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."

"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."

HSBC is currently using the technology to analyse English-language import and
export bills in several markets in Asia, Europe, the Americas and the MENA
region. The team aims to enhance the solution so it can 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.
"HSBC wants to be the leading bank for innovation, and initiatives like this
one are key to achieving our goal."

The HSBC Group
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in
London. The Group serves customers worldwide from around 3,900 offices in 67
countries and territories in Europe, Asia, North and Latin America, and the
Middle East and North Africa. With assets of US$2,492bn at 30 June 2017, HSBC
is one of the world's largest banking and financial services organisations.

About IBM Watson Financial Services
IBM is working with organizations across the financial services industry to
use IBM Cloud, cognitive, regtech and blockchain technology to address their
business challenges. Banking, wealth management and insurance are some of the
areas poised for dramatic change by using cognitive and AI capabilities
provided by IBM Watson Financial Services.

Media contacts
Paul Smith     paul.a.smith@hsbc.com +44 20 7991 4867

 

IBM Corporation logo. (PRNewsFoto/IBM Corporation) (PRNewsFoto/)

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SOURCE IBM

Website: http://www.ibm.com
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