CIBC Mellon has partnered with UK-based Duco to implement AI-powered data automation technology into its asset servicing platform.
Founded in 1996 as part of a joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon, CIBC Mellon provides asset servicing solutions for banks, pension funds, foreign insurance trusts and other institutional asset managers. It claims to manage CAD 2.8 trillion worth of assets as of the last quarter.
CIBC Mellon will now adopt Duco’s no-code data automation capabilities to help the firm “manage data effectively while reducing operational risk and improving client experience”, according to CEO Mal Cullen.
“By harnessing AI-based automation, CIBC Mellon ensures that its processes are exception-based and sustainable in the long run,” Cullen says.
CIBC Mellon’s chief client officer Richard Anton adds that the partnership seeks to promote the automation of “repetitive tasks”, increase the unit’s focus on “insight and analysis” and enhance the way “data is managed, processed and utilised”.
The Canadian firm’s adoption of AI closely follows similar initiatives currently underway at its stakeholders. BNY Mellon last month announced that it had tapped Nvidia’s AI-powered supercomputer, among other terms of the partnership, to support the development and management of its AI applications and on-premise AI infrastructure.