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Deutsche Bank to sift 'big data' to get closer to customers

7/12/2015 by

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Deutsche Bank is embarking on a major computer systems upgrade that will help it to make greater use of so-called "big data" to provide a detailed picture of how, when and where customers interact with it, the bank's chief data officer said in an interview.

JP Rangaswami, who joined Deutsche Bank in January as its first-ever chief data officer, said better and cheaper metadata was allowing the bank to analyze previously inaccessible information.

"We are able to see patterns that we could not see beforehand, allowing us to gain insights we couldn’t gain before," Rangaswami told Reuters in an interview.

Upgrading the technical infrastructure Deutsche Bank needs to get the most out of this data is a priority for Chief Executive John Cryan. He is trying to improve the performance of Germany's biggest bank, which is struggling to adapt to the tougher climate for banks since the financial crisis.

Cryan, who unveiled a big overhaul at Deutsche on Oct. 29, said at the time that imposing standards on Deutsche's IT infrastructure was key to improving controls and reducing overheads.

The CEO said in the October presentation that IT design had occurred in silos with the application of little or no common standards. "Our systems are disjointed, cumbersome and far too often just plain incompatible."

Deutsche Bank is not alone with its IT troubles.

An annual global survey of more than 200 senior bankers published last week by banking software firm Temenos found that "IT Modernization" was now top priority, displacing earlier investment objectives such as regulation and customer friendly mobile apps. IT modernization ranked only fourth among major priorities in the survey last year.


This article has been extracted from http://www.reuters.com, please click on this link to read the article in full http://www.reuters.com/article/us-deutsche-bank-data-idUSKBN0TL29S20151202#0gi9c6OdHFoi065g.97

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Montash is headquartered in Old Street, London, in the heart of the technology hub. Montash has completed assignments in over 30 countries and has appointed technical professionals from board level to senior and mid management in permanent and contract roles.

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