The first digital employee of Deutsche Bank, Blue Bot ‘Yi’ is expected to improve efficiency while keeping the costs down
German bank Deutsche Bank has introduced its first digital employee, named Blue Bot ‘Yi’ in a customer-facing role in its corporate banking division in China.
The new employee bot will be responsible for handling financial reports such as real-time customized transaction reports and cash pooling reports and to process direct client enquiries.
Developed within the bank’s Blue Water Fintech Space in Shanghai, Blue Bot ‘Yi’ has already processed direct client enquiries for two of Deutsche Bank’s clients in China.
The digital worker named after after its creator Zhu Yi, who is head of China Innovation and Fintech Products at Deutsche Bank’s Corporate Bank.
It will perform its duties based on robotic process automation (RPA) combined with semantic recognition and AI technology to automatically complete the collection and distribution of customized information.
Deutsche Bank China corporate cash management head Alvin Ho said: “We aim to empower our clients’ Treasury teams to handle increasing amount of documents and data while eliminating human-related errors, reducing repetitive tasks and significantly minimizing turnaround time. All these will be made possible via the deployment of Blue Bot ‘Yi’.”
Blue Bot ‘Yi’ has been allotted an employee number
Deutsche Bank also stated that the new bot has been allotted an employee number along with a dedicated working email address.
The bot is still receiving training to further fine tune its capabilities, after it was integrated with Deutsche Bank’s API and other artificial intelligence capabilities.
The bank claims that the bot’s scope of work and capabilities are far beyond the basic concept of RPA. It further stated the introduction of the digital employee can help in improving its efficiency while reducing its costs.
Deutsche Bank China global transaction banking head Dirk Lubig said: “The Blue Water Fintech Space in China is our incubator to further optimize the automation of cash management services for our clients – it is the digital foundation for Deutsche Bank’s Corporate Bank.
“Blue Bot ‘Yi’’s performance is encouraging, based on the very positive feedback we received from our clients and this is only the first step. We want to expand our digital and AI driven solutions and service offerings in China, one of the world’s leading countries for innovation.”
Earlier this month, the bank had agreed to form a multi-year partnership with Google Cloud to accelerate its cloud transition.
The partnership will enable the bank to accelerate its cloud transition and on the technical capabilities on data science, artificial intelligence (AI) and machine learning (ML) to better serve customers.