Digital Drive Deutsche Bank Starts New Fintech Venture

Germany's largest bank, battling to boost earnings in a major reorganisation, has launched a data website catering for small and mid-sized companies in cooperation with British fintech firm BCSG.
Getting mid-sized companies better connected.

 

Deutsche Bank this week announced it had set up a new web-based service catering for small and medium-sized companies. Called the Deutsche Bank Entrepreneur Portal, it is a joint venture with London-based financial technology firm BCSG. It offers firms support on strategic and operational issues relating to industries, regions, customers and suppliers.

The website, with the clunky name dbunternehmerportal.com, enables companies to create business plans and conduct competitive analyses based on data from up to 4 million companies, and to download credit-rating estimates. Market data and information on customs regulations, as well as templates for domestic and foreign documents, are also available.

The high added value we can offer companies with the portal expands our value-added chain beyond classic bank services. Stefan Bender, Financial Services expert, Deutsche Bank

"The high added value we can offer companies with the portal expands our value-added chain beyond classic banking services," said Stefan Bender, Deutsche Bank’s head of corporate customer service in Germany. "Customers have repeatedly asked us to provide them with more support in the founding and development of their businesses, using established market knowledge and business intelligence."

Companies that don’t have corporate accounts with Deutsche Bank pay up to €45 ($50) a month for the information, depending on their needs. There's a discount available for companies that already have an account, and the basic version is free.

The bank is already cooperating with fintechs in other areas. Its "Gini" app allows customers to photograph invoices and upload them directly to the online transfer service. It has also teamed up with German financial start-up Fincite to develop a robo advisor. The "Investment Finder" generates a securities portfolio based on a few pieces of basic customer data about assets and investment goals.

Deutsche Bank plans to invest €1 billion in digital banking in the next five years as part of its "Strategy 2020" to boost efficiency, cut down on risky businesses and boost its capital base.

 

Laura De La Motte is an editor at the Handelsblatt finance desk and a specialist banking correspondent. To contact the author: [email protected]