Deutsche Bank joins WEF group focused on emerging technologies

Bank of Cyprus will become the first bank in the world to offer biometric identification within its payment cards.

Deutsche Bank is the newest member of the World Economic Forum’s (WEF) Center for the Fourth Industrial Revolution, joining the likes of Accenture, Huawei, Microsoft and Salesforce.

The German bank was confirmed as the latest business to join the group at the WEF’s annual meeting in Davos, Switzerland this month.

According to the WEF, the Fourth Industrial Revolution is defined by a “fusion of technologies” that blurs the boundaries between the “physical, digital and biological spheres”. The organization predicted that this transformation will be “unlike anything humankind has experienced before”.

In the financial services industry, business methods and consumer habits are being slowly but comprehensively altered by technologies such as artificial intelligence and biometrics.

These innovations open up many exciting opportunities for companies and individuals alike, but Deutsche Bank stressed that “in a world that is more connected than ever, risks can emerge if policies, standards and incentives are poor”.

The bank said there are “compelling reasons” to be part of the Center for the Fourth Industrial Revolution, such as the company’s need to change its models and market approach in order to take advantage of emerging technologies, but in a safe and secure way.

Kim Hammonds, group chief operating officer at Deutsche Bank, said digital innovation is central to the organization’s growth and the services delivered to its clients.

She added: “Emerging technologies are already transforming our industry and banks are on a journey to becoming platform companies. Being involved in the Center for the Fourth Industrial Revolution will position us to drive and influence the rules and standards that govern this exciting space.”

The WEF recently announced further international expansion of the Center for the Fourth Industrial Revolution, with new affiliate centers opening in India, Japan and the United Arab Emirates. The ongoing development of an international network to maximize the benefits of emerging technologies could have a significant impact on the financial services industry worldwide.

 

Image credit: iStockphoto/solarseven

Written by Jack Dougal

Jack Dougal

Jack Dougal is Banking.com's resident news reporter. He writes regular blogs covering the latest stories and key developments in the global financial services industry.

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