Deutsche Bank is "crowdstorming" ideas on how artificial intelligence can be used in the financial services industry, inviting people to submit their concepts for the chance to develop them at the German giant's innovation labs and win cash prizes.
With the likes of Google, Facebook and IBM among those pouring resources into AI, Deutsche Bank is hoping to be at the forefront of the technology's application in financial services.
Working with brainstorming specialist jovoto, the bank is inviting "finance disrupters and creative minds" to submit their concepts on AI and how it can be adapted to banking by the end of June.
The applications will be presented to top level management at Deutsche Bank and other key players in the financial industry. Then the teams with the best ideas will be invited to DB's innovation lab in Berlin to work on their concepts with experts during a three-day workshop. As an added incentive, a EUR25,000 prize pool will be split between 27.