CIBC Mellon Adopts AI-Powered Automation Technology

CIBC Mellon, a joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon, has partnered with U.K.-based Duco to integrate AI-powered data automation technology into its asset servicing platform. Founded in 1996, CIBC Mellon provides asset servicing solutions for a diverse clientele, including banks, pension funds, foreign insurance trusts, and institutional asset managers, managing CAD 2.8 trillion in assets as of the last quarter. This strategic partnership aims to leverage Duco’s no-code data automation capabilities to enhance data management, reduce operational risks, and improve client experiences, according to CEO Mal Cullen.

CIBC Mellon’s adoption of AI-based automation aligns with similar initiatives by its stakeholders. BNY Mellon recently partnered with Nvidia to utilize its AI-powered supercomputer for developing and managing AI applications and infrastructure. Richard Anton, CIBC Mellon’s chief client officer, highlighted that the partnership with Duco is expected to automate repetitive tasks, shift focus towards insight and analysis, and improve data management, processing, and utilization. By implementing these advanced technologies, CIBC Mellon ensures sustainable and efficient processes, reinforcing its commitment to innovation and operational excellence in asset servicing.

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