Deutsche Bank develops RPA for data processing

The bank provides business clients in China with the first product of its Robotic Process Automation (RPA) laboratory. The direct service paradigm is used to deliver this service. Deutsche Bank is one of the first foreign banks to offer a process automation platform to Chinese customers.

The technology enables the simultaneous processing of tens of thousands of financial records. Reconciliation takes place in about one hour as opposed to two to three days. The platform also eliminates the risk of data issues brought on by mistakes made during manual input.

With the help of the new RPA solution, customers will have the option to fully automate the management of financial transactions. The creation of the platform is one of the initial steps in assisting the bank's clients with their digital transformation.

The new solution enables users to save up to 60–80 working hours each month, according to the findings of a client pilot program.

The key features

A two-stage strategy from proof of concept (POC) through commercialisation has been approved by Deutsche Bank. The bank's present objective is to develop an ecosystem between businesses and financial institutions that will benefit both parties. The combination of resources and new technologies will lead to this outcome.

The key futures of the product include:

• Customised reconciliation logic to meet different clients’ unique requirements;

• Configurable Interface to align with client’s dashboard or business intelligence (BI) platform;

• Pre-built connectors to deliver extraction and transformation capabilities for major client enterprise resource planning (ERP) or Treasury Management systems with no interface development required;

• Automated transaction data extraction and conversion from e-banking platform;

• Automated multi channels (e-statement/e-wallet/MT940, etc) Integration;

• 100% automated reconciliation process with no human intervention;

• Fully API Enabled;

• Artificial Intelligence (AI)-Enhanced automation with extended capabilities.

The goal of the RPA tool is to assist corporate treasurers in automating and streamlining complicated operations so that they can more easily give management real-time data and useful insights for decisive initiatives.

Bluewater Fintech Lab

Deutsche Bank's first innovation hub in China, Bluewater Fintech Lab, was established in September 2019 with a focus on expanding the bank's digital and innovative client offerings in China and fostering cooperation with the local fintech sector.

The team has made some noteworthy advancements since it first opened its doors, including collaborating with the Singapore Innovation Lab on initiatives involving China, evaluating more than a dozen fintech partner solutions, and providing a client with a robotic process automation solution.

In 2020, Deutsche Bank's Corporate Bank business in China welcomed a new virtual employee by the name of Blue Bot 'Yi'.  The employee bot has transitioned into a customer-facing position and is now in charge of managing financial reporting, including real-time customised transaction reports and cash pooling reports, as well as receiving direct client inquiries.

The Blue Bot 'Yi' was created within Deutsche Bank's Blue Water Fintech Space in Shanghai, and it automates the collecting and dissemination of customised information using RPA, semantic recognition, and AI technology.