German bank goes digital on the offensive – FAZ – Frankfurter Allgemeine Zeitung

FRANKFURT (AFX) – The German Bank & lt; DBK.ETR & gt; increasingly investing in the modernization of their deals. In a “digital factory” in Frankfurt to mid-year 400 consultants, product experts and software developers to offer new digital offerings. By 2020, the bank plans to invest around 750 million euros in the digitization of their private and corporate customer business.

There go naturally in new technologies to reduce costs, but also efficiency, Consumer Board Christian Sewing said Tuesday in Frankfurt. “We want to fully unwind processes electronically.” Sewing hovering around prior to shorten the period from loan application to disbursement of five to six days to two to three days in the mortgage.

“Digitization is a supplement, it is not the replacement of the traditional consulting” stressed Sewing. “We need the 500 stores and will continue to compete in the area.” By the end of 2017, the German bank intends to close nearly a third of its 723 stores in Germany

Sewing announced further innovations for the next 12 to 18 months. “The pipeline is full.” A new app is both money transfers to friends and allow contactless payments in shops. From the end of 2016, the bank customer wants to offer a digital vault where bills and passwords can be secured. In preparation is a “digital bank” showing users assets and loans by foreign banks at a glance. In such projects, the German bank works with FinTechs zusammen./ben/DP/stb

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