CGI (TSX: GIB.A) (NYSE: GIB) announced it partnered with Scotiabank and Conpend on a proof of concept using robotic automation to capture, identify and classify documents as part of the CGI Trade360 transaction flow.
The CGI and Conpend solution is designed to help banks achieve digital transformation by empowering trade finance operations, compliance and relationship management with the digitization of paper document flows. The proof of concept integrated Conpend's Trafinas, a robotic process automation solution developed specifically for trade finance transactions; and the CGI Trade360 trade finance platform.
The proof of concept will prove the ability of intelligent process automation to reduce the time spent on manual activities while delivering quality data to transform business processes and unlock the benefits of digitization. The solution is also flexible enough to support various use cases across all the typical trade products and simultaneously take specific customer requirements into account.
Commenting on this initiative, Scotiabank released the following statement: "Scotiabank is at the forefront of digitalization initiatives in financial services because they enhance the customer experience. With this POC, Scotiabank intends to expand the use of intelligent process automation in the otherwise paper-intensive global trade-finance business, providing faster service to our customers."
"When we started, our mission was right from the start to focus on digitizing trade finance so that we could transform the Bank's daily operations. We are proud of the collaboration with CGI and look forward to further pursue the goal of automation for their clients," said Marc Smith, CEO, Conpend.
"Financial institutions today have an urgent need to meet customer expectations around digital capabilities and services," said Frank Tezzi, Vice-President of Trade and Supply Chain Solutions at CGI. "With this successful intelligent process automation proof of concept, more banks will soon be able to refocus on high-value work while improving processes and reducing costs."