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Deutsche Bank DB has embarked on a digital transformation drive, focusing on cloud migration, artificial intelligence (AI), and automation to enhance operational efficiency and client services.
In sync with this, this week, DB has collaborated with International Business Machines IBM and finaXai, a Singapore-based AI company.
DB's Partnership With IBM
DB announced that it reinforced its strategic partnership with IBM through a new license agreement, providing the former with greater access to International Business Machines' advanced software solutions.
By leveraging IBM’s innovative technologies, Deutsche Bank aims to streamline workflows, reduce operational costs and improve efficiency across all areas of its business. The transition from legacy systems to IBM's advanced cloud and AI solutions will allow DB to develop a more agile, scalable and secure technology stack.
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IBM's technologies, including the watsonx AI portfolio, will enable Deutsche Bank to deliver more personalized and seamless services to clients, from smarter customer support to tailored financial solutions. The integration of IBM’s AI capabilities is expected to not only improve operational efficiency but also enhance fraud detection, risk management and regulatory compliance, leading to substantial cost savings and revenues.
DB's Partnership With finaXai
Deutsche Bank has announced a strategic partnership with finaXai, co-founded by researchers from Nanyang Technological University and the National University of Singapore. This partnership is expected to significantly expand Project DAMA 2 — Deutsche Bank’s public-permissioned multi-chain asset servicing pilot.
Notably, Project DAMA 2 intends to transform the management and servicing of tokenized funds and their investors by leveraging digital and AI technologies.
Deutsche Bank and finaXai are set to explore the integration of technologies, including Machine Learning and Large Language Models, into asset servicing workflows. The focus will be on leveraging explainable AI to enable asset managers to execute fund lifecycle activities with enhanced speed, precision and transparency.
Anand Rengarajan, Deutsche Bank’s head of securities services APAC & MEA and global head of sales, stated, “We are delighted to work with a diverse mix of experts from the academic and innovation worlds to contribute to the future of tokenised assets.” “Through this collaboration, we unify leading research-backed solutions with industry applications to reduce complexity and boost AI’s explainability and integration with DLT. With this work, we seek to better understand and anticipate our asset manager clients’ needs as they explore the future of tokenisation,” he added.