Deutsche Bank and Oracle Financial Services both introduce digital signature and finance solutions to ease paper burden for corporates clients.
'Cumbersome' wet signatures
Deutsche Bank is introducing digital signatures for its corporate and institutional clients so that account-opening contracts and documents will be signed digitally. This will significantly reduce costs and processing times, according to the bank.
The move to digital signatures has been piloted by one of the bank's biggest corporate clients, Honeywell. The company's Marie-Astrid Dubois commented: “Deutsche Bank’s new digital signature solution is a good example of how banks can introduce new technology to enhance existing banking partnerships. This solution is a nice and obvious fix to the otherwise cumbersome collection of wet signatures.”
No more paper-signing
According to Deutsche Bank, document and contract signing still requires a high degree of manual processing but is one of the most important and frequent processes between banks and their clients. The bank uses DocuSign, which it says is an industry-recognised solution for its digital signatures. Clients based in the US, the UK, Germany, Belgium and the Netherlands can now use the digital signature to open accounts, sign documents and buy products from the bank. DocuSign will be rolled out to clients in Asia-Pacific and the Middle East next year.
The bank's Martin Runow said: “Digital signatures enable us to accelerate the entire client onboarding and contract management process. This is just one example of how we further streamline our processes to create an improved and highly intuitive customer experience.”
Move to digitisation
In another sign of the transition away from paper work, Oracle Financial Services also announced three new corporate banking solutions for banks looking to digitise their processes. The three solutions now available digitally are:
- Oracle Banking Credit Facilities Process Management
- Oracle Banking Corporate Lending Process Management and
- Oracle Banking Trade Finance Process Management
Oracle Financial Services' Chet Kamat, senior vice president, banking, said: “Oracle has long been committed to providing the banking sector with innovative financial solutions. Harnessing the power of digitization for corporate banking operations is a step towards enabling banks to deliver exceptional value to their corporate customers. We have equipped them with purposeful insight for better decision-making, enabled standardization of processes to enhance distinct operational capabilities, and empowered them with real-time collaboration and intelligent automation to achieve higher levels of efficiency.”
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