Citi Perspectives Fall 2019

54 | Treasury and Trade Solutions The Next Frontier of Artificial Intelligence, Machine Learning and Big Data Trade Digitization: Data Extraction Automation Optimization Real-time Decisioning Benefits Optical Character Recognition Artificial Intelligence (AI) Deep Learning/ Machine Learning Predictive Analytics/ Big Data Paving the way for future advances with data Citi will continue to build on the trade compliance improvements achieved by next generational trade monitoring. The transparency delivered by NLP and other technologies can offer additional potential benefits and deeper insights. Moreover, the environment into which the project launched is rapidly changing. Over the past year, many regulators expressed their support for financial institutions to expand their use of more advanced solutions and technologies to detect and report on potential financial crime. Future advances could remain challenging given the disparate stakeholders that are part of the global trade ecosystem and the complexity of trade documentation. Nevertheless, future ambitions include automating document examination associated with letters of credit and other trade areas. Citi also intends to use predictive analytics to enable the system to better anticipate trade activity and provide insights based on broader global trade trends. Similarly, while Citi’s data set and the technologies underlying next generational trade monitoring are currently being deployed to address back-office issues and help reduce operational risks, they also open up exciting possibilities to support enhances to client experiences. The ultimate goal of automating the processing of information can help accelerate the digitization of trade and can enable corporates to make faster and better-informed decisions. Bridging the gap between paper and digital documents Aiding routine manual processes and reducing risk review turnaround times Accelerating the success of identifying fraud as the system gains experience Recognizing data patterns to help clients make more strategic decisions Next generational trade monitoring is a significant advancement as it may more efficiently detect transactions with potential compliance concerns upfront.