In an effort to reduce the number of intricate, labor-intensive procedures that the banking sector must deal with, Wells Fargo and TradeSun have reached an agreement for the use of TradeSun's trade finance and compliance digitization solution.

TradeSun's solution, which makes use of AI and other cutting-edge technologies, will assist Wells Fargo in its efforts to reimagine trade finance digitalization by gaining access to the fields of intelligent process automation and cognitive data capture.

Furthermore, Wells Fargo will be able to digitize, extract, validate, and categorize unstructured data by utilizing TradeSun's AI technology for document-checking and compliance screening. In another area, the top US bank will boost capacity through the automation of certain manual procedures thanks to trade-focused AI.

"We've learned how efficiently they operate through our voyage with Wells Fargo," says Nigel Hook, the founder and CEO of TradeSun. My personal goal is to make sure that TradeSun AI platform keeps gaining industry leadership at an accelerated pace.

"Wells Fargo's determination to engage in this partnership inspires us at TradeSun. It is a potent endorsement of TradeSun's inventiveness in digitizing international trade financing.

Wells Fargo: Developing the financial industry's future

Wells Fargo sees its decision to work with TradeSun as an attempt to level the playing field as digital banks and fintech companies take market share away from traditional banks through creative, technologically advanced consumer experiences.

We established the lines of war between legacy banks and digital banks in January of this year as both kinds of businesses compete to increase their client acquisition rates.

Cesar Gonzalez, Head of Commercial Banking Operations at Wells Fargo, comments on the company's collaboration with TradeSun, saying, "Wells Fargo continues to make significant progress transforming our trade finance and receivables processes."

"We now have the digitisation and automation tools to bolster our risk framework, execute flawlessly, and offer a first-rate client experience thanks to our agreement with TradeSun."

Wells Fargo will undoubtedly hope that this move keeps it at the forefront of the global banking industry. It came in at number three on our ranking of the world's top ten financial institutions in February of this year.

It is said to serve one in three US households, demonstrating its enormous reach. With TradeSun as a partner, it aims to provide a better customer experience to a large number of US account customers.

"We are designing and delivering innovative products to serve our clients in a more streamlined way across all channels," says Kiran Vuppu, Head of Wells Fargo's Commercial Banking Client Insights and Commercial Lending Product Management division, in closing.

"Using AI to improve our clients' experiences is one way our team is leading this work, and partnering with TradeSun is a key part of that strategy."