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HSBC, a leading trade finance bank, is working with 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.
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, digitize and extract key data within these documents before feeding it into the bank’s transaction processing systems; boosting accuracy while freeing up staff for more value-adding activities.
HSBC is currently using the technology to analyze 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.
Keywords: International Commerce, Cognitive Intelligence, Optical Character Recognition, Advanced Robotics, Global Trade, Advanced Analytics, Text Analytics, ARC Advisory Group.