The use of artificial intelligence has “massively increased productivity” in certain sectors of the business, according to Mark Matthews, the head of operations for Deutsche’s corporate and investment bank.
He told the Financial News that so far “680,000 hours of manual work” has already been saved.The bank has “used bots to process 5 million transactions in its corporate bank and perform 3.4 million checks within its investment bank.”
Matthews said the headcount “will continue to go down; there’s no question about that. Our model is to reduce costs and, at the same time, improve our control environment and the client experience.”
Deutsche bank is pushing to “automate large parts of its back-office” via a new strategy called “Operations 4.0,” as part of its $6.6 billion savings initiative over the next three years.