BNP Paribas' Global Markets division has announced an investment in leading artificial intelligence firm, Digital Reasoning, which specialises in the development of Natural Language Processing (NLP). Angel Rodriguez Issa, Global Head of Strategic Investments, has also been appointed to the company's board of directors.
Natural Language Processing is at the forefront of developments in AI, and is set to boost the digital capabilities of the banking industry.
Digital Reasoning works with NLP, a form of artificial intelligence which interprets human language and has pushed the field into new territory by developing tools that work with unstructured data – using not only words and their direct meaning but also interpreting the context around language – to bring advanced levels of insight into sales activity.
"The partnership amplifies BNP Paribas' commitment to innovative technology and harnessing it to help us better serve our clients."Olivier Osty, Head of Global Markets
Commenting on the investment, Olivier Osty, Head of Global Markets, said: "BNP Paribas' digital transformation is a focal part of the group's 2020 plan. It's a qualitative transformation based on reinventing our clients' experience, advancing the use of data and analytics, and improving our operating efficiency. We are excited to have led this round of funding and to partner with Digital Reasoning, a leader in artificial intelligence and natural language processing technology. The partnership amplifies BNP Paribas' commitment to innovative technology and harnessing it to help us better serve our clients."
The bank intends to utilise this technology to enhance its client journey, with better
access to product and service information, and a digitally enriched understanding of client needs. BNP Paribas Global Markets has recently made a series of partnerships and investments with the Fintech sector, such as with GTS, Enyx, BestX and Symphony. The bank aims to position itself at the forefront of digital growth, as an agile and collaborative organisation.