Fintech maturity fostering strong bank developments
Banks are working increasingly closely with large software and fintech companies to improve internal efficiency, but there is still progress to be made in understanding what both parties can gain.
Deutsche Bank's collaboration with German financial software group GFT on its risk and profit and loss (P&L) platform dbPalace enabled the bank to simplify a lot of complex processes, segmenting a 200-strong workforce into ten teams and streamlining 38 processes down to just five.
Adapting to new operating models required Deutsche Bank to overhaul its internal practices. Chris Bezuidenhout, CIO for markets finance at Deutsche Bank, says: “There was a drive from the business to transform the operating model - it took three years of development to create the system. While still retaining the fundamental components, by taking the strategic approach we could consolidate.
|Dean Henry, BAML|
"The function of producing daily P&L and performing independent price verification are both key control processes for banks. Being able to release to production more than 20 times per year in such a business critical area of the bank is a significant challenge and required a focus on quality assurance practices that avoid business disruption."
To do this successfully, the bank admits that one hurdle it had to overcome was ensuring its own staff were aware of the benefits.