BNP Paribas Securities Services is aiming to implement around 100 robotic process automation (RPA) programmes by the end of the year, Global Custodian understands.
The French-based custodian is also looking to implement artificial intelligence for a wide range of middle- and back-office services, including predictive modelling for trade break predictions, and the use of natural language processing to better understand the content of fax instructions from clients.
Speaking on the bank’s third quarter earnings call, Lars Machenil, chief financial officer, explained the securities services business had already automated 40 processes through RPAs, and is underway with implementing 35 more.
Machenil also said it is developing AI solutions for services such as automated token generation and virtual assistants on client platforms.
Earlier this year, BNP Paribas Securities Services general manager Patrick Colle told Global Custodian it has more than 20 ‘significant’ tech projects in the works, and is half-way through a five-year programme focusing on implementing digital initiatives across the group.
These projects include potential use cases for blockchain, e-commerce and AI within the customer interaction space.
One of its most significant tech projects in development is its Smart Chaser tool, which uses machine learning and predicative analysis to predict the likelihood of a trade not ‘matching’ automatically and whether the trade will require manual intervention.
“Our aim is to maximise the use of process automation in order to continually upgrade the service we deliver to clients,” Philippe Ruault, head of digital transformation, BNP Paribas Securities Services told Global Custodian.