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Deutsche Bank Innovation Network is a financial technology accelerator program sponsored by Deutsche Bank to help develop its digital banking strategy. Deutsche Bank executive Jon Pearson launched the accelerator in 2015. Deutsche Bank Innovation Network has labs in the cities of New York City, Berlin, London, Singapore, and Palo Alto.
In June 2015, Deutsche Bank announced the formation of its first three tech innovation labs, to be partnered with Microsoft, HCL Technologies, and IBM in Berlin, London, and Palo Alto respectively. Its New York City lab was launched on March 21, 2017. On November 14, 2018 Deutsche Bank launched a lab in Singapore.
Deutsche Bank Innovation Network partners with new startups to bring funding as well as business strategies, product development, and marketing expertise to entrepreneurs, with the goal of integrating new products directly into Deutsche Bank's own ecosystem. The group concentrates on the development of financial technology, artificial intelligence, cloud technology, and cybersecurity technology.
Deutsche Bank Innovation Network has partnered with several companies to create new, unique business solutions. In a partnership with Symphony, it created a solution to integrate the social messaging platforms WeChat and WhatsApp into Deutsche Bank's customer service chat, using Symphony's platform as a medium. This allows its clients to choose their preferred messaging platform.
In a partnership with WorkFusion, a vendor that provides various automated solutions, Deutsche Bank developed an automated system to process simple but time-consuming tasks like onboarding, performing customer risk screenings, and more. To achieve this, it utilizes past data and real-time human actions to train models to automate judgment work; this includes extracting, validating, categorizing, and verifying unstructured information and data from sources like emails and documents. This solution saves representatives a significant amount of time that they can then use to improve their service to clients.
Following a hackathon event held by Deutsche Bank, a solution for an AI-based finance assistant was created: an app called Finanzguru, by company dwins GmbH. The app gives users personalized financial advice by analyzing their transaction history and suggesting potential savings through automatic recognition of transaction data. It also provides users with an overview of their finances, bills, and recurring financial contracts; this overview enables users to optimize their payments. They can also sign and cancel financial contracts using the app.
