38
THE BIG INTERVIEW
Deutsche Bank’s approach to digital: value your data, feed the fintechs and reach for the cloud
Deutsche Bank is driven – driven by technology and data. However, according to David Watson, who is the Head of Digital Cash Products and Americas Head of Cash Management at Deutsche Bank’s Global Transaction Bank, this drive and focus on data and technology does not result from a ‘digital strategy’
I
interviewed David Watson on the eve of Sibos. In a refreshing start to our discussion Watson immediately made it clear that Deutsche Bank does not have a specific digital strategy as such, but has an approach that believes that digital actions need to be embedded into the bank’s overarching strategy, and not bolted on.
“We need to build the products of the future which will complement and help our clients. There has been a huge shift in thinking in this industry over the last few years. This has been triggered by new movers into the market, fintech technology, changes in the roles of banks, and regulatory changes, but also a change in the way which our corporate clients, in particular, do business with their end clients.”
“This results in rapidly changing consumer behaviour. The encroachment of the Internet of Things and the enormous scope of new devices are enabling and pushing organisations in the direction of doing more. The focus now is understanding what does changing consumer behaviour mean for such things as development of the automotive or pharmaceutical industry - take driverless cars or robotic surgeries for examples.”
There is fundamental change taking place says, Watson. “You see conscious efforts to improve. The strategies of these companies are changing and this has a roll-on effect to review the movement of cash and liquidity management, at the same time as building new products.”
“Apple has moved from a space where it’s simply about the phone, the apps and selling music to now using the phone as a facilitator to deliver financial transactions which isn’t considered Apple’s core business. Buying your Starbucks coffee can now be done using your phone via e.g. Apple Pay. The automotive industry – which used to purely concentrate on building cars – is now extending the value chain by enhancing the consumer experience, building features that allow you to pull up at the petrol station and pay for your gas without getting out of the car – the car automatically facilitating the transaction.”
Waking up as a new person
“Another example; there is a medical application in the US where a network enabled robotic surgeon is connected to an application which – if the robot is finding new ailments that have to be surgically treated - can automatically find out from your insurance records if you are insured for the new procedures and facilitate the required steps. This can speed up treatment that otherwise may take additional months to have authorised and re-scheduled.”
“This new mindset means for us that you can no longer just focus on your core products, but also have to consider the impact these changes will have on cash management, payments and liquidity management. Banks have to change the way they do business. As a transaction bank our approach used to be that we would start by looking at payments while our clients’ user journeys would finish with payments. “
www.ibsintelligence.com | © IBS Intelligence 2017
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
