Deutsche Bank’s Blue Water Fintech Lab Launches First Commercial Product

Deutsche Bank’s Blue Water Fintech Lab developed a robotic process automation platform for processing and matching data in several banks.

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The bank is currently offering the RPA product to corporate clients in China. Source: Pixabay.com

The bank offers the first product of its RPA laboratory to corporate clients in China. This service is provided under the direct service model. Deutsche Bank is the first foreign bank to offer a process automation platform to Chinese customers.

Rachel Whelan, head of money management at Apac Deutsche Bank, said that the development of digital finance means that customers expect the introduction of advanced technologies in this industry.

He also noted that the new RPA solution will provide users with the opportunity to automate the process of managing financial transactions. Rachel Whelan stated that the creation of the platform represents the first step in supporting the bank’s customers on the way to digital transformation.

The result of the pilot program conducted with customers testified that the new solution allows you to save up to 60-80 working hours every month.

The platform allows processing tens of thousands of financial documents simultaneously. The reconciliation time is reduced from 2-3 days to one hour. The platform also eliminates the risk of data problems as a result of errors made during manual input.

Yi Zhu, head of Innovation and fintech products at Deutsche Bank Corporate bank in China, says that the financial institution takes into account the needs of customers when implementing fintech solutions.

Deutsche Bank has approved a two-stage strategy from proof of concept (POC) to commercialization. The current goal of the bank is to create a mutually beneficial ecosystem between financial institutions and enterprises. This result will be achieved by integration of resources and new technologies.

As we have reported earlier, Deutsche Bank & NVIDIA to Accelerate AI Use in Finance.