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Deutsche Bank digitisation shift moves into over-drive

Deutsche Bank this week made two telling announcements as it signalled it is moving into a highr gear to keep pace with the digitisation of payments and platforms around it.

Deutsche Bank

Deutsche Bank digitisation shift moves into over-drive

Firstly, DB and HCL Technologies announced a strategic partnership to transform the bank’s global cheque processing operations.  Under the terms of the agreement, HCL will build a cloud-based digital and fully scalable cheque processing platform for the bank.  The new IT-platform is expected to go live in 2019.

The new cloud-based IT-platform will enable Deutsche Bank to further reduce the complexity of its IT-landscape, decrease cost, increase straight-through processing capabilities and efficiencies in cheques processing. Moreover, through advanced data analytics, the bank will enable its corporate and institutional clients to use data generated out of the platform, to better manage business flows and working capital.

Secondly, DB set up a subsidiary “startup” called Yunar, which will gradually build out a mobile wallet offering a host of services, beginning with loyalty scheme management.

The Yunar brand is a wholly-owned Deutsche Bank subsidiary with its own management, IT, a staff of 80 people, and, subject to approval, a ZAG licence enabling it to offer payment services.

The free app launched this week, initially focusing on making loyalty schemes easy to use, with customers able to collect points from up to 200 providers widely used in Germany

However, Deutsche says that Yunar will be continually upgraded with new banking and non-banking services, functions and products – such as mobile payments, multibank aggregation and digital ID – until it becomes “the mobile wallet in the customer’s pocket”.

“The app will give a further boost to the expansion of our platform offering. Fresh ideas that make life easier for banking clients will be implemented faster in future, regardless of whether we act on our own or together with partners,” comments Markus Pertlwieser, chief digital officer, head, digital ventures business, Deutsche Bank.

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