Deutsche Bank is exploring generative AI within its operations as it looks to third-party startups to develop the technology. 

“Artificial intelligence is one of the most important technology trends for the financial industry, with significant potential to make business processes more efficient,” a Deutsche Bank spokesperson told Bank Automation News. “We expect that in future, artificial intelligence and machine learning will become an integral part of nearly every aspect of our business, from internal processes to client-facing interactions and capabilities.”

The $578 billion, Frankfurt, Germany-based bank said that it has been using AI for years in its wealth management business to optimize client portfolio and is exploring generative AI for the following uses: 

• Software code development to enhance productivity;  
• AI chatbots to support employees and clients with common questions; and 
• Faster risk calculations to help risk analysts and credit risk officers identify early warning signals for clients. 

Third-party vendors

Deutsche Bank is working with Google Cloud and Nvidia to develop and enhance its AI capabilities, the spokesperson said.  

“Through our strategic partnership with Google Cloud, we can use artificial intelligence directly in the cloud as a service whenever we need it,” the spokesperson said. “To accelerate the use of AI solutions, we also announced a multiyear innovation partnership with Nvidia in December 2022.” 

Nvidia allows the bank to embed AI into its speech, fraud detection, and intelligent chatbots, according to a Dec. 22 Deutsche Bank release. 

While Deutsche Bank is working with major tech companies, it is also tapping into “niche technologies and startups to find solutions that global strategic partners cannot offer,” the spokesperson said. 

Last month, the bank made an undisclosed investment into Kodex AI, an AI-driven documentation and information processing company. The Kodex AI model can help financial institutions in synthesizing information from documents and help them in creating contracts, Kodex AI Chief Executive and co-founder Thomas Kaiser previously told BAN. 

Responsible approach to AI

As the bank explores generative AI, it is making sure to develop the technology in a responsible, secure and prudent manner, the spokesperson said. 

“It is crucial to ensure that banking algorithms are fair, don’t include any hidden discrimination, and results are factually correct and explainable,” the spokesperson said. “This requires ’human in the loop,’ which ensures humans are involved with setting up the systems, tuning and testing the model so the decision-making improves, and then actioning the decisions it suggests.” 

Other financial institutions, including Barclays, BNY Mellon, Citizens Bank and ING, are taking a cautious approach toward the tech while keeping humans in the loop for decision-making. 

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