Single Blog Title

This is a single blog caption
4
Jul

Deutsche Bank Wealth Management to implement Finantix’s KYC solution

Deutsche Bank Wealth Management has selected software builder Finantix to help enhance its client onboarding and KYC processes.

The wealth management division of Deutsche Bank will implement Finantix software to enhance the gathering, organisation and analysis of customer information during the KYC process. This will improve qualitative analysis and exception handling of the human reviewers, bolstering due diligence capabilities.

Initially, the software has been deployed across the German operations and plans are to release it in the US unit in the future.

Finantix KYC Solution was designed in collaboration with smartKYC and provides AI-powered multi-language, natural language processing to verify users. The solution aggregates, distils, and classifies by relevance and risk level of all available individual and company KYC data and content. This is completed by monitoring multiple sources, both internal and external, as well as structured and unstructured data.

The application includes the screening of adverse news and background information on clients and potential clients and builds a detailed profile on them. After this, the platform will extract key information needed for detailed risk assessments.

Deutsche Bank Wealth Management COO Jan Wohlschiess said, “By using the latest AI-empowered technology from Finantix we will be able to automate much of our current data collection, ensuring rigorous compliance checks while making better use of our human talent in analysing and investigating the results.

“Crucially, we will be able to further improve the quality of our controls and risk management while giving our clients a more efficient and smoother onboarding experience.”

Deutsche Bank has had a number of challenges this year. Last month, it reportedly found ‘serious failings within its payment screening and AML procedures.

The month before, the bank came under fire from the US federal financial crime watchdogs for not reporting suspicious transactions involving Donald Trump and his son-in-law Jared Kushner.

Copyright © 2019 RegTech Analyst

15585

Would you like a FREE RegTech Investment Summary report?

Before you go...

Leave your email and we will send it over!