BNY Mellon and Deutsche Bank launch co-developed chatbot for traders
Chatbots considerably reduce the time trade securities get updated for clients
BNY Mellon and Deutsche Bank are both integrating a new chatbot on the Symphony platform to enhance the efficiency and seamlessness of the flow of information for clients trading securities on the Hong Kong Stock Exchange (HKEX).
The jointly developed chatbot-to-chatbot communication solution replaces manual responses to status updates on customers’ securities trades on the messaging platform Symphony.
For references, processes 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, the banks say.
John Gibbons, head of global transaction banking at Deutsche Bank, says the collaboration has produced a “joint ecosystem”, where both institutions share information to deliver seamlessly for the benefit of the end-client.
The proof-of-concept (PoC) was created in a 24-hour hackathon by BNY Mellon’s Singapore Innovation Centre team in November 2017.
Deutsche Bank partnered with HCL Technologies on this project.
“Our solution now creates a more efficient way to exchange information and allows our clients to put their resources to use in greater value-added areas that would ultimately improve efficiency and profitability,” says Hani Kablawi, CEO of BNY Mellon’s global asset servicing business.
Kablawi adds the solution will be introduced in other markets soon.
Here’s a quick infographic with all you need to know about chatbots.
