Private bankers are unified in their complaint about the one issue that is getting to them. Deutsche Bank’s Swiss wealth management thinks it has found a solution for the problem.
The daily grind of dealing with the paperwork is what gets most under skin of private bankers. Documentation is also mentioned by many veterans as the reason why they decided to leave the industry.
Deutsche Bank’s Swiss wealth management knows about the complaints and thinks it knows how to attack the problem. It has started employing robots at the front desk, according to a memo sent to staff and seen by finews.com.
More Time for Demanding Tasks
The Swiss branch of the German bank is embarking on a different path than most of its rivals and also the one chosen by its owner. They all are busy automating back-office tasks. «Deutsche Bank has a global project team for the automation of back-office tasks. In Swiss wealth management, we are going our own way in the sense that we are also delegating some front-office tasks to robots,» said Alessandro Balestra, chief operating officer at Deutsche Bank Switzerland, in an interview with finews.com.
The aim of Deutsche Bank’s project is to free up resources by having robots take over repetitive tasks. Relationship managers for instance no longer have to bother sending account statements to clients. Also, some 150 different risk control reports are consolidated digitally. With the shift, the people in charge of the tasks receive more time to analyze the data produced, Balestra said.
The Start of a Trend?
The solution is eagerly followed by colleagues across the company and numerous requests for information have come his way, Balestra added.
In future, work previously relocated to countries such as India may be kept in-house and dealt with by the front-office robots.
