BNY Mellon and Deutsche Bank today announced the integration of their chatbots built on the Symphony platform which will result in a more seamless flow of information for clients trading securities on the Hong Kong Stock Exchange. The banks claims the chatbots will improve the workflow efficiency between both organisations and the client experience.
Building on a 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. Using these new chatbots, trade settlement status queries for the Hong Kong market are now available to both organisations using Symphony, a widely used financial markets messaging platform. This significantly reduces the manual effort required to query status updates, improving both speed and accuracy.
This unique collaboration began 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.
“We are pleased that our new chatbots can now automate a part of the trade process that previously demanded considerable manual effort. The speed and timeliness of the response were paramount to the client’s experience when this process was in use. Our solution now creates a more efficient way to exchange this information and allows our clients to put their resources to use in greater value-added areas that would ultimately improve efficiency and profitability.” said Hani Kablawi, CEO of BNY Mellon’s Global Asset Servicing business. “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 significantly reduce effort by the client servicing and operation teams, allowing them to focus on providing an even better client experience.
John Gibbons, Head of Global Transaction Banking at Deutsche Bank, said: “We are delighted to be partnering with BNY Mellon on this innovative idea, which we took to market so quickly. Working in close collaboration, we created a ‘joint ecosystem’ where our institutions share information to deliver seamlessly for the benefit of the end-client.”
Jeslyn Tan, deputy head of global product management, securities services at Deutsche Bank, said: “What’s different here is the collaborative approach we took to resolve a real speed and accuracy need for our clients. When we first brainstormed the issue, it was immediately obvious that for a truly business-enabling experience, a fully integrated solution in the form of chatbot connectivity was required between both institutions.”