BNY Mellon and Deutsche Bank have integrated chatbots built on the Symphony messaging platform, which will be rolled out for trading securities on the Hong Kong exchange.
Built on a joint proof-of-concept during in a 24-hour hackathon at BNY Mellon’s Singapore Innovation Centre, the chatbot-to-chatbot communication solution will replace manual responses to status enquiries on their securities trades.
Using the new chatbots, trade settlement status queries for the Hong Kong market will be available to both banks using Symphony.
“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, chief executive officer of BNY Mellon’s Global Asset Servicing business.
BNY Mellon plans to extend the chatbots to other markets in the coming year.
The chatbots will also be able to handle trades in bulks in real-time, significantly reducing time and effort for the client servicing and operations teams and allowing them to focus on providing better client experience.
The partnership signals how banks are now more open to collaboration with one another to enhance non-differential processes in the middle- and back-office.
“What’s different here is the collaborative approach we took to resolve a real speed and accuracy need for our clients,” said Jeslyn Tan, deputy head of global product management, securities services, Deutsche Bank.
“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.”
Deutsche Bank’s head of global transaction banking (GTB), John Gibbons, added the two banks created a ‘joint ecosystem’ where they would share information for the benefit of their end clients.