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Can you use Deutsche Bank‘s vital questions on customer service to evaluate your bank?

For some years now, Deutsche Bank has had a five-step business continuity “Health check” for their corporate clients covering:

– Managing authorisations

– End-to-end payment tracking

– Digital contract and digital signature capabilities

– Ensuring clients have backup and the right connectivity in place

– Prioritising fraud management and prevention.

It is now part of the bank’s yearly service review, but what is much more important is how Deutsche Bank is looking at all aspects of client services. Analysing the different drivers in delivering customer services. In their recently published report “Client services reimagined”, they reveal all.

 

Streamlining the customer journey

In the chapter covering all the different processes, one figure lays out their whole strategy on customer support.

The reimagined customer journey

Source & Copyright©2020 – Deutsche Bank 

 

This could be the basis of a list of questions which all corporate should ask of their current banks, e.g.

  1. Is the onboarding and contract process simple?
  2. Does the bank deliver their product and services right the first time?
  3. Are there appropriate dedicated self-service tools?
  4. Do the payment services enable digital payment creation and authorisation?
  5. Are there simple and transparent reconciliation services?
  6. Is there a secure convenient and comprehensive set of channels for service investigation?
  7. Is there provision of quick and adequate incident updates and communication when an “error” occurs?
  8. Does the bank regularly provide a complete and managed review of your relationship with them?

 

Client services of tomorrow

Inevitably here Deutsche Bank talks about the vision of a frictionless future in which corporates are able to eliminate distraction in a streamlined self-service operation. They suggest that this will be provided by a real-time central platform using four building blocks:

  • seamless self-service which will remove the need for corporate clients to actively engage their banking partner every time they have a basic service request
  • digital technologies will including things like chatbots, and AI, and machine learning
  • data analytics enabling fast decision-making and improving productivity by providing troubleshooting capabilities
  • integration: this will allow account opening and maintenance to be executed directly from the corporates’ ERP and TMS.

To achieve this framework Deutsche Bank are building a Digital Service Manager, and advanced digital platform, accessible via the Deutsche Bank, Autobahn App Market, as shown below:

Source & Copyright©2020 – Deutsche Bank 

 

The new DSM Service represents Deutsche Bank’s vehicle for addressing the issues highlighted. They claim “it provides in the central framework for plugging in the services needed to meet the needs and facilitates actions across the entire customer service journey.”

 

The future: digital end-to-end platform

Deutsche Bank really spelled out what they meant, with this diagram:

Source & Copyright©2020 – Deutsche Bank 

The final paragraph shows Deutsche Bank’s client services strategy: “This framework has been live since 2021, with further modules put in place to support day-to-day interactions documentation exchanges, digital signing, and interactive fraud management – with more to come.”

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CTMfile take: Deutsche Bank has turned itself round in the stock markets and is clearly determined to carry this on in client services too. Great thought-provoking report.

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