CGI Partners with BMO, National Bank of Canada

CGI Group (GIB.A), one of the world’s largest IT and business consulting firms, has partnered with Bank of Montreal (BMO) and National Bank of Canada (NA).

The pilot project will test intelligent automation processes to capture, identify and classify documents, and integrate them into the transaction flow of the CGI Trade360 global platform.

The goal of the project is to help these banks and other organizations accelerate their digital transformations to automate the flow of paper documents to improve their trade finance operations, compliance, and customer relationships.

CGI worked with its technology partner Conpend, a leading provider of artificial intelligence solutions for trade finance processes, to plan and execute the pilot project. (See Insiders’ Hot Stocks on TipRanks)

“Financial institutions have a growing need to accelerate their digitization initiatives to become more resilient and meet increased customer and employee expectations around digital capabilities and services,” said Frank Tezzi, VP of Trade and Supply Chain Solutions at CGI.

“With this successful pilot, our client banks are able to empower their employees and refocus on high-value work while further digitizing trade finance processes and reducing costs.”

On October 4, RBC Capital analyst Paul Treiber reiterated a Buy rating on GIB.A with a price target of C$125. This implies 11.2% upside potential.

Overall, consensus on the Street is that GIB.A is a Strong Buy, based on eight Buys and one Sell. The average CGI price target of C$126.90 implies upside potential of about 12.8% to current levels.

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