Wells Fargo has signed an agreement with TradeSun to leverage the company's trade finance and compliance digitization solutions to streamline complex manual processes faced by the banking industry.
Leveraging AI and other advanced technologies, TradeSun's solutions will support Wells Fargo as it seeks to reinvent the digitalization of trade finance by leveraging the world of cognitive data capture and intelligent process automation.
In addition, Wells Fargo will be able to leverage TradeSun's compliance inspection and document inspection AI technology to digitize, extract, validate and classify unstructured data. In other areas, trade-focused AI will help a large US bank increase its production capacity by automating a range of manual processes.
Nigel Hook, Founder and CEO of TradeSun, said: I personally want to see the TradeSun AI platform continue to accelerate its market leadership.
“At TradeSun, we are inspired by Wells Fargo's decision to invest in this relationship. This is a powerful validation of TradeSun's innovation in the digitalization of global trade finance.”
Wells Fargo: Building the future of banking
For Wells Fargo, the move to partner with TradeSun represents an effort to level the playing field as fintech innovators and digital banks eat into traditional banks' market share with innovative technology-driven customer experiences.
In January of this year, we drew the line between digital and legacy banks. Both types of banks are fighting to increase customer acquisition rates.
Cesar Gonzalez, head of commercial banking at Wells Fargo, said of the partnership with TradeSun:
“Our agreement with TradeSun provides us with digitalization and automation tools to strengthen our risk framework, achieve flawless execution, and deliver a world-class customer experience.”
Indeed, Wells Fargo hopes the move will keep it at the forefront of banking around the world. In February this year, it was ranked third in the list of top 10 banking institutions in the world.
Its reach is staggering, perhaps serving one in three households in the United States. We are now partnering with TradeSun to provide an enhanced customer experience to a significant portion of our U.S. account holders.
Kiran Vup, head of Wells Fargo's commercial banking client insights and commercial loan product management group, concluded:
“One of the ways our team is leading this effort is by leveraging AI to improve the client experience, and our collaboration with TradeSun is a key part of that strategy.”
