Deutsche Bank's Blue Water Fintech Lab has released its first commercial product, a robotic process automation platform for multi-bank data processing and reconciliation.
The bank is currently offering the RPA product to corporate clients in China through a direct service model.
Rachel Whelan, Deutsche Bank’s Apac head of Cash management, says: “The evolving state of digital finance means business customers expect more modern technologies a part of their corporate banking engagements. Our new RPA solution allows clients to manage automated reconciliations and makes the business process lean and efficient. This is a first step in supporting our clients on their digital transformation journey.”
According to data from a pilot programme conducted with clients, the introduction of RPA saved 60-80 hours of manpower every month. The solution can process tens of thousands of financial documents at the same time, and significantly shorten reconciliation time from 2-3 days to within one hour. It also helps avoid data problems caused by manual entry errors.
Yi Zhu, head of china innovation and fintech products at Deutsche Bank's Corporate Bank, says: “We listen closely to clients’ needs in rolling out fintech solutions. Adopting a two-step strategy from proof of concept (POC) to commercialization, we have successfully extended from bank channels to clients' supply chains. It is our goal to create a win-win ecosystem between banks and enterprises by integrating resources and new technology.”