BNY Mellon, Deutsche Bank launch chatbot

BNY Mellon and Deutsche Bank will integrate their chatbots on the Symphony financial markets messaging platform, to allow for the seamless flow of information for clients trading securities on the Hong Kong (HK) Stock Exchange.

The banks deployed a chatbot-to-chatbot communication solution to replace previously manual responses to status updates on their securities trades.

The trade settlement queries, which previously took around three minutes for a single trade, would now be handled in bulk by the chatbots in real-time, and would be available to both organisations using Symphony.

Chief executive officer of BNY Mellon’s global asset servicing business, Hani Kablawi, said the speed and timeliness of the chatbot responses were paramount to the client’s experience when the 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 Kablawi.

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Deputy head of global product management at Deutsche Bank, Jeslyn Tan, said the difference was the collaborative approach they took to resolve the speed and accuracy needs for their 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.”  

The chatbots would be extended into markets other than HK in the coming year.