BNP Paribas uses machine learning for document automation

BNP Paribas Securities Services has automated processing of key asset servicing documentation with Natural Language Generation (NLG), machine learning and intelligent document processing technologies.

The securities division of the French banking giant has called the automation drive a “major milestone” in the bank’s digital transformation programme.

The move, which took 12 months to implement, aims to enhance back office operational efficiency, increase straight-through processing rates and reduce services turn-around times for the benefit of the bank’s clients.

Using Natural Language Understanding (NLU) and machine learning, including Intelligent Document Processing (IDP), BNP Paribas Securities Services is now able to automatically capture, extract and classify data from documents such as fund prospectuses and order confirmations. The resulting structured datasets are then fed directly into the bank’s operational systems.

The bank has so far automated the processing of 500,000 documents a year.

The processing of documents including fund prospectuses, order confirmations, corporate events announcements and tax documentation is now automated.

Philippe Ruault, head of digital transformation at BNP Paribas Securities Services, said: “This is a major milestone in our digital transformation programme, enabling us to automate time-consuming tasks thanks to the use of the latest technologies.

"Our clients will benefit from greater operational efficiency, faster turn-around times and increased straight-through processing rates.“

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