Standard Chartered Offers New Tool Powered By IBM
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The solution is now live in key markets across Asia, Africa, and the Middle East1, with more markets across the bank’s footprint to follow, according to a media release. Traditional documentary trade requires millions of data elements in paper-based, unstructured documents – often issued by various companies – to be reviewed through a largely manual process.
With the implementation of Standard Chartered’s Trade AI Engine powered by IBM, this time-consuming and high-risk process is now significantly automated:
- Conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR)
- Identification and classification of document types from an initial pre-defined database
- Continuous Machine learning (ML) based on user re-classification/re-defining of data elements to further improve accuracy
- Natural Language Processing (NLP) capabilities to read and capture context from data in the documents
The innovative solution allows the ban to handle high volumes of diverse back office tasks with greater efficiency and accuracy, thus offering a more seamless trade processing experience for clients.
The «Trade AI Engine» is currently live in India, Nepal, Botswana, Kenya, Uganda, South Africa, Zambia, Tanzania, Zimbabwe, Angola, Cameroon, Côte d’Ivoire, Gambia, Ghana, Nigeria, Sierra Leone, Mauritius, UAE, U.K., Iraq, Bangladesh, Thailand, Philippines, Indonesia, Pakistan, Sri Lanka, Bahrain, Qatar, Jordan and Oman.
Additional markets to follow are Japan, Brunei, Indonesia, Taiwan, Hong Kong, Singapore, Malaysia, China, and the U.S.
Questions & Answers
Q.Which specific markets are currently using Standard Chartered's new Trade AI Engine?
Which specific markets are currently using Standard Chartered's new Trade AI Engine?
The Trade AI Engine is currently live in India, Nepal, Botswana, Kenya, Uganda, South Africa, Zambia, Tanzania, Zimbabwe, Angola, Cameroon, Côte d’Ivoire, Gambia, Ghana, Nigeria, Sierra Leone, Mauritius, UAE, U.K., Iraq, Bangladesh, Thailand, Philippines, Indonesia, Pakistan, Sri Lanka, Bahrain, Qatar, Jordan, and Oman.
Q.How does the new Trade AI Engine help to automate traditional documentary trade processes?
How does the new Trade AI Engine help to automate traditional documentary trade processes?
The engine uses Optical Character Recognition (OCR) to convert non-digital shipping documents into machine-readable formats. It also employs Machine Learning and Natural Language Processing (NLP) to identify document types and capture context from data, automating previously manual tasks.
Q.What are the primary benefits of this innovative solution for Standard Chartered and its clients?
What are the primary benefits of this innovative solution for Standard Chartered and its clients?
The solution allows the bank to handle high volumes of diverse back-office tasks with greater efficiency and accuracy. This provides clients with a more smooth trade processing experience by significantly automating a time-consuming and high-risk process.
Q.Which additional markets are planned to adopt the Trade AI Engine in the future?
Which additional markets are planned to adopt the Trade AI Engine in the future?
Additional markets expected to adopt the Trade AI Engine include Japan, Brunei, Indonesia, Taiwan, Hong Kong, Singapore, Malaysia, China, and the U.S. These will expand the solution beyond its initial key markets.