While digitalisation in transaction banking used to mean near-perfect straight through processing (STP) rates, the term now encompasses much more. It means collecting and leveraging client data to monitor activity, enhancing client offerings, assessing financial risk, as well as conducting KYC and AML processes successfully. Christian Westerhaus, Head of Product & Strategy, Institutional Cash Management, Deutsche Bank, talks to Finextra about how digitalisation initiatives are helping banks not only to meet evolving regulatory demands, but also to engage customers
In Westerhaus’ view, banks must do more to understand the full cycle of their clients’ businesses. By doing so banks could gain valuable insights into which products may better serve their clients but also their own financial risk.
Moreover, Westerhaus believes focussing efforts on both combining existing technologies for client services and establishing technological synergies between the various business disciplines is paramount. This, he says, will ensure banks can continue to meet evolving customer expectations in an increasingly digital environment.
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