Deutsche Bank Wealth Management has chosen Finantix for a new artificial intelligence-powered Know Your Customer (KYC) solution to improve the client onboarding process.

The bank’s wealth management business wanted to automate certain parts, in order to enable greater human focus on qualitative analysis and exception handling, strengthening the client due diligence function.

It has implemented the Finantix KYC Solution in Germany, its largest wealth management centre, and will next roll it out across the US.

Jan Wohlschiess, chief operating officer, chief financial officer and head of IT and operations at Deutsche Bank Wealth Management, said: “By using the latest AI-empowered technology from Finantix we will be able to automate much of our current data collection, ensuring rigorous compliance checks while making better use of our human talent in analysing and investigating the results.

“Crucially, we will be able to further improve the quality of our controls and risk management while giving our clients a more efficient and smoother onboarding experience,” he added.

Core to the solution is the central ‘engine’, developed in collaboration with smartKYC, which offers multi-language, natural language processing technology specifically framed for regulatory purposes.

Applications will now include screening for adverse news and background information on clients and prospective clients to create detailed profiles. After aggregation, regulatory domain-specific rules will extract and classify key information to enable the bank’s KYC teams to carry out risk assessments.

Alessandro Tonchia, co-founder and director of Finantix, added: “The KYC process is becoming increasingly costly, repetitive and laborious, especially in the world of private banking where customer service needs to be outstanding.”

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