Trending in the latest financial tech news it has been reported that HSBC the giant banking firm has selected CGI, an IT consultancy. The firm took this decision to deliver a new global trade technology platform in order to take financial tech to the next level of advancement. When picking CGI, HSBC made sure of being a catalyst in order to keep up with the rapid development of financial technology. Looking at the partnership as of now, if the deal works out well, it will prove to be explosion of further innovative opportunities for enhanced effectiveness of other technologies. HSBC has made this move to accelerate development and implementation of technology within their organization that will ultimately prove beneficial for their customers as well. Read further, to know more about the development between the two organization as well as the effect of this partnership.
CGI is known to be among the largest independent IT and business consulting services firms around the globe. The firm was founded in 1976 and now has 77,000 consultants and professionals across all its offices in spread in the world. The company delivers services like system integration, outsourcing services, intellectual solutions as well as business consulting. By delivering world class solutions, the annual revenue of CGI goes upto C$10.8 billion. The company functions with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results.
HSBC Gains Perks on Picking CGI
As HSBC has selected CGI for improving its IT infrastructure, it now envisions to further drive its innovation agenda with this association. The major benefit for HSBC by selecting CGI is that it will help them to adopt technological solutions like distributed ledger, Internet of Things (IoT) as well as APIs. This will inturn helps its clients for making use of all the emerging technologies.
Neil Sadler, senior vice president, UK Financial Services, at CGI, explained that they are very closely aligned with HSBC in their thinking on how how trade and supply chain finance will develop. He further went on to say that working together on an important industry program such as this is mutually beneficial to both. As it will allow HSBC to speed up the process of bringing additional value to their client base. While enabling CGI to accelerate the value of our market leading intellectual property. HSBC envisions to further enhance its customer service through higher levels of digital engagement.
Considering the advances that banking firms like HSBC are adopting the future of the fintech industry looks bright and exciting. Along with partnerships, adopting concepts like artificial intelligence and data handling and analytics will definitely drive even more innovation in the sector. Having said that, fintech application development is also possible through open banking practices and an increase in the number of financial data APIs. And last but not the least, banking industry can surely be a part of the rapid evolution by undertaking blockchain projects.
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