Deutsche Bank Wealth Management is harnessing AI technology to enhance its client onboarding and KYC processes.
The German bank is partnering with fintech provider, Finantix, to streamline the acquirement and processing of customer information while maintaining compliant with its due diligence requirements.
Deutsche Bank has implemented the solution in its homeland and is set to next roll it out to the US.
Finantix is a software supplier, which aims to transform the processes of private banks, wealth managers and insurance companies through digitisation.
Its KYC solution uses AI-powered technology incorporating true multi-language, natural language processing tailored specifically for financial regulatory frameworks.
The technology enables Deutsche Bank to moderate and segment all relevant data on an individual or company, utilising multiple sources to create a detailed profile.
The bank’s KYC team is then able to carry out detailed risk assessments, using the aggregated regulatory-domain specific information gathered from both internal and external sources, such as news stories and company reports.
As Alessandro Tonchia, co-founder and director of Finantix, explains, “The KYC process is becoming increasingly costly, repetitive and laborious, especially in the world of private banking where customer service needs to be outstanding.”
Jan Wohlschiess, chief operating officer, Chief Financial Officer and Head of IT and Operations at Deutsche Bank Wealth Management, says: “By using the latest AI-empowered technology from Finantix we will be able to automate much of our current data collection, ensuring rigorous compliance checks while making better use of our human talent in analysing and investigating the results.
“Crucially, we will be able to further improve the quality of our controls and risk management while giving our clients a more efficient and smoother onboarding experience.”
Tonchia adds: “We are delighted to be supporting the team at Deutsche Bank Wealth Management where this project will deliver an enhanced experience for both the bank’s clients and its KYC teams.”