NEWS


IBS Journal November 2017


09


Banks boosted by deposit increases B


etween 2014 and 2016 there was an increase of 59% increase in the number of direct bank deposits processed. This is compared to a combined 39% growth for all other


money receiving methods.


Bank deposit transactions to South America rose by 81% compared to 34% for other pay-out options. Asia experienced a 124% boost in demand for instant transfers into bank accounts, outgrowing by far the still very strong 48% increase in other transactions.


The stats come as Small World FS inks a new partnership with Sri Lankan Pan Asia Bank, which claims to be the country’s fastest-


“While our sector is preoccupied with various tech innovations, many forgot about the growing importance of banks in the process,” said Nick Day, founder and CEO of Small World FS.


“Over the last two years, direct bank deposits have clearly outgrown other pay-out methods and this trend is set to continue. This development will define the future of the money transfer market and we are determined to remain the world-leader in offering instant bank deposits.”


growing commercial bank. At the same time, Small World FS has also entered new agreements with two banks in Honduras: Banco Atlántida and SME-focused Banrural.


Deutsche starts using Watson AI D


eutsche Bank has announced that is has started implementing IBM Watson in German. Watson uses the firm’s AI-C³ (Artificial Intelligence – Client Communication Center) Advisory Smart Platform, which makes use of AI and natural language processing. The Jeopardy-famous bot also explores solutions for AI for smart user experience (mainly chatbots), or efficient application layers (context-based algorithms).


Deutsche Bank has completed successfully internal proof-of- concept and is working on the deployment of an AI Watson Cognitive System for the development of a scalable personalised cognitive advisory model supporting the clients and the Bank´s


advisors and employees in over 120, 000 yearly internal and external processes. It is expected to be launched by end of 2017 with additional user cases released in 2018.


Deutsche Bank PW&CC will be transforming user and customer journey during the direct digital interaction (mobile, online, Voice User Interfaces) and through the relationship managers supported through AI.


“Artificial Intelligence is a mature technology and Deutsche Bank is taking concrete steps to implementing it,” says Roberto Mancone, global head of disruptive technologies and solutions at Deutsche Bank Private and Commercial Banking Division.


MUFG plans huge automation leap M


itsubishi UFJ Financial Group (MUFG) has set into motion plans to automate 30% of operations in its core banking unit by 2024.


The group, the second-largest financial holdings firm in the world, plans to use software robots and artificial intelligence to cover paperwork that usually takes 9,500 employees to process. All of these free bankers will be put to work on MUFG’s wealth sector.


“Branch officials spend 50 to 60 percent of their time processing customer documents,” said Kanetsugu Mike, MUFG CEO, according to Reuters. “We can free up that time with robotics technology so more time can be spent with customers.”


Japan has struggled with replacing traditional paper-based methods as many Japanese still use personal ink stamps – the country’s official method of identification – to authorise forms and actions.


The country has activated a number of initiatives to catch up to the rest of the globe, including stamp-free accounts.


MUFG aims to have half of its branch operations performed by “robotics process automation”. Mike believes that the refocus on the wealth management sector will help the bank’s 1.2 million clients, who have more than ¥100 million ($890,000) in assets.


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