CIBC Mellon Partners with Duco for AI-Powered Data Automation

CIBC Mellon, a leading Canadian asset servicing firm, has partnered with UK-based Duco to integrate AI-powered data automation technology into its platform. This move is aimed at improving data management, reducing operational risks, and enhancing the client experience.

CIBC Mellon was founded in 1996 as a joint venture between Canadian Imperial Bank of Commerce (CIBC) and BNY Mellon. It offers asset servicing solutions for banks, pension funds, foreign insurance trusts, and other institutional asset managers, managing CAD 2.8 trillion in assets as of the last quarter.

Under the partnership, CIBC Mellon will deploy Duco’s no-code data automation technology to streamline its processes. The company’s CEO, Mal Cullen, explained that the adoption of AI-based automation will help ensure CIBC Mellon’s processes are exception-based and sustainable in the long term. This means reducing manual tasks and focusing on more valuable insights.

Richard Anton, CIBC Mellon’s chief client officer, emphasised that this partnership with Duco will help automate repetitive tasks, allowing the team to concentrate on insight and analysis. This approach is expected to improve how data is managed, processed, and utilised.

The shift towards AI and automation is part of a broader trend in the financial industry. BNY Mellon, one of CIBC Mellon’s stakeholders, recently announced a collaboration with Nvidia to leverage its AI-powered supercomputer. This partnership will support the development and management of BNY Mellon’s AI applications and on-premise AI infrastructure.

With the adoption of AI and data automation, CIBC Mellon aims to provide more efficient asset servicing solutions and maintain its competitive edge in the evolving financial landscape. This partnership with Duco signals a commitment to innovation and a proactive approach to embracing technology in asset management.