Jan Wohlschiess

        Jan Wohlschiess

Italy-based provider of transformational software, Finantix, has announced that Deutsche Bank Wealth Management has selected its AI-powered KYC Solution in a bid to accelerate the bank’s client onboarding and KYC process. Finantix’s smartKYC provides multi-language, natural language processing (NLP) and AI-powered technology for regulatory requirements.

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.”

According to the supplier, Finantix’s technology will allow for the gathering, organisation and customer information analysis during the KYC process. It classifies all available individual or company KYC accessible data and content in different formats. The application also allows for screening for adverse news and background information as well as for carrying out detailed risk assessments.

The partnership is expected to enhance the process of qualitative analysis, strengthen the client due diligence process.

Alessandro Tonchia, Co-founder and Director of Finantix, said: “The KYC process is becoming increasingly costly, repetitive and laborious, especially in the world of private banking where customer service needs to be outstanding. We are delighted to be supporting the team at Deutsche Bank Wealth Management where this project will deliver an enhanced experience for both the bank’s clients and its KYC teams.”

Established in 2000, Finantix is a provider of transformational software to the private banking, wealth management and insurance industries. It offers a library of multi-country, multi-jurisdiction, multi-channel, Omni-device reusable software modules, widgets, engines, connectors and APIs

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by Megha Bhattacharya
Market Analyst at IBS Intelligence
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