“This is how we can advance into areas beyond the traditional banking business”
As Head of Data and Artificial Intelligence (AI) at Deutsche Bank, Shivaji Dasgupta works on using AI to acquire clients and develop new products and services. He also assesses which existing AI applications might be of interest to other areas of the bank. In this interview he explains how AI could present a bank with completely new business opportunities in future, which are the biggest challenges in working with artificial intelligence and what he expects of Deutsche Bank’s strategic partnership with Google Cloud.
Shivaji, how are we already using AI at Deutsche Bank?
We are currently using AI in several areas. In the Private Bank it helps us to identify attractive loan clients and thus speed up their loan approvals. To fight financial crime we sweep through financial data using algorithms to uncover fraudsters. One of our Beyond Banking services uses AI to help users fill out their tax returns. Furthermore, with the help of AI we determine which characteristics attractive clients have in common, and then we attempt to identify these traits in potential new clients. And finally we analyse the payments of commercial clients and alert them to the potential for optimisation.
We and the financial sector as a whole, are still just beginning to tap the potential of AI
That sounds like a lot. How far is Deutsche Bank in its individual areas?
To be honest, we and the financial sector as a whole, are still just beginning to tap the potential of AI.
Why is that?
Data protection and regulatory rules make working with AI complicated. Large amounts of data are required to train the systems to enable AI to be used effectively. This is where we can definitely do much better.
Deutsche Bank is currently entering into a strategic partnership with Google Cloud to develop financial services in novel ways. How will this partnership advance our AI capabilities?
First, we will improve our cloud capabilities. Second, we will gain access to the most advanced technologies across artificial intelligence, machine learning and data analysis. And this will enable us to develop great products and services for our clients.
Deutsche Bank is working with several companies (...) to establish a shared EU-wide data pool for AI experiments
A lot of money is currently being invested in AI, particularly in China and the US. Where do European companies need to catch up?
At many companies there is a lack of close cooperation between employees from the businesses, IT and data specialists. European companies should on the one hand invest in training their employees and also rethink some of their organisational processes. It’s also important that companies from a variety of sectors cooperate even more closely on AI. Deutsche Bank is working with several DAX companies, small and medium-sized firms and other banks to establish a shared EU-wide data pool for AI experiments – this will enable us to develop beyond banking services.
So which developments do you have in mind?
With the aid of AI we have the opportunity to find out much more about our clients’ wishes and thus provide them with products and services that suit them even better. For example, if we know that a client wants to travel to South America we could inform them how much the average cost of the travel is. Based on their expenditure we could draw up a savings plan and help them to make their dream a reality. I hope we will utilise such opportunities in future.
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As Head of Data and Artificial Intelligence (AI) at Deutsche Bank, Shivaji Dasgupta works on using AI to acquire clients and develop new products and services. He also assesses which existing AI applications might be of interest to other areas of the bank. In this interview he explains how AI could present a bank with completely new business opportunities in future, which are the biggest challenges in working with artificial intelligence and what he expects of Deutsche Bank’s strategic partnership with Google Cloud.
Shivaji, how are we already using AI at Deutsche Bank?
We are currently using AI in several areas. In the Private Bank it helps us to identify attractive loan clients and thus speed up their loan approvals. To fight financial crime we sweep through financial data using algorithms to uncover fraudsters. One of our Beyond Banking services uses AI to help users fill out their tax returns. Furthermore, with the help of AI we determine which characteristics attractive clients have in common, and then we attempt to identify these traits in potential new clients. And finally we analyse the payments of commercial clients and alert them to the potential for optimisation.
That sounds like a lot. How far is Deutsche Bank in its individual areas?
To be honest, we and the financial sector as a whole, are still just beginning to tap the potential of AI.
Why is that?
Data protection and regulatory rules make working with AI complicated. Large amounts of data are required to train the systems to enable AI to be used effectively. This is where we can definitely do much better.
Deutsche Bank is currently entering into a strategic partnership with Google Cloud to develop financial services in novel ways. How will this partnership advance our AI capabilities?
First, we will improve our cloud capabilities. Second, we will gain access to the most advanced technologies across artificial intelligence, machine learning and data analysis. And this will enable us to develop great products and services for our clients.
A lot of money is currently being invested in AI, particularly in China and the US. Where do European companies need to catch up?
At many companies there is a lack of close cooperation between employees from the businesses, IT and data specialists. European companies should on the one hand invest in training their employees and also rethink some of their organisational processes. It’s also important that companies from a variety of sectors cooperate even more closely on AI. Deutsche Bank is working with several DAX companies, small and medium-sized firms and other banks to establish a shared EU-wide data pool for AI experiments – this will enable us to develop beyond banking services.
So which developments do you have in mind?
With the aid of AI we have the opportunity to find out much more about our clients’ wishes and thus provide them with products and services that suit them even better. For example, if we know that a client wants to travel to South America we could inform them how much the average cost of the travel is. Based on their expenditure we could draw up a savings plan and help them to make their dream a reality. I hope we will utilise such opportunities in future.
This video of the series #Expedition150 gives further insights on the topic: