Deutsche Bank, BNY Mellon jointly deploy chatbot-to-chatbot communication solution
The integration is set to result in a more seamless flow of information for clients trading securities on the Hong Kong Stock Exchange.
BNY Mellon and Deutsche Bank have announced the integration of their chatbots built on the Symphony platform in a move that will result in a more seamless flow of information for clients trading securities on the Hong Kong Stock Exchange. The chatbots are set to improve the workflow efficiency between both organisations and the client experience.
Following a proof of concept developed in a 24-hour hackathon by BNY Mellon’s Singapore Innovation Center team, Deutsche Bank and BNY Mellon jointly deployed a chatbot-to-chatbot communication solution that replaces previously manual responses to status updates on their securities trades. Thanks to these new chatbots, trade settlement status queries for the Hong Kong market are now available to both organisations using financial markets messaging platform Symphony. This substantially lowers the manual effort required to query status updates, improving both speed and accuracy.
The collaboration commenced at BNY Mellon’s Innovation Center in Singapore in November 2017 following a successful prototype built and introduced by the BNY Mellon Singapore Innovation Centre team as part of the company’s Technology Leadership Forum’s hackathon.
Hani Kablawi, Chief Executive Officer of BNY Mellon’s Global Asset Servicing business said “We are looking forward to extending the chatbots into markets other than Hong Kong in the coming year.”
Deutsche Bank worked with BNY Mellon to integrate their chatbot into BNY Mellon’s implementation with HCL Technologies as Deutsche Bank’s technology partner. A process that used to previously take up to three minutes for a single trade will now be handled in bulk by the chatbots in real-time, allowing both organisations the ability to markedly reduce effort by the client servicing and operation teams, permitting them to focus on providing an enhanced client experience.
In December last year, Deutsche Bank underlined its flair for new technology adoption by announcing the rollout of an upgraded equities trading platform with artificial intelligence (AI) capabilities across most Asia Pacific markets.
The proprietary platform, Autobahn 2.0, was designed with a self-learning mechanism enabling its systems to predict equities pricing and volume with more accuracy, thus enhancing the quality of execution. Also, the system is equipped with momentum detection, to allow Autobahn to change behavior in trending markets or switch swiftly at inflection points. This will offer investors a powerful new tool in achieving and demonstrating best execution for their trades.