In December, Deutsche Bank announced that it would soon launch a new global legal digital document management system using cloud-based technology. The new tech transformation is expected to bring about changes for the bank in multiple areas that will benefit both the institution and its clients.
A solution to accelerate IT modernization plans
It was reported that the new systems will allow the bank to cease the use of its outdated ones and employees will be able to access a singular and intuitive platform remotely using mobile devices. According to the bank, the system is a crucial feature of an ongoing strategy to modernize and simplify its IT systems.
Now, employees located in 27 countries around the world will see improvements in their day-to-day work – notably secure and speedy access to documents and increased collaborative abilities.
"It will provide our lawyers with the tools and information they need to ensure more efficiency in their daily business around the globe and share knowledge with colleagues," said Deutsche Bank's Chief Administrative Officer and Senior Group Director Stefan Simon.
Digital document management in the legal field
Specifically, the use of modern document management tools in legal work such as cloud and digital signature technologies is one way to solve the problem of time constraints. According to one source, law firms in 2018 spent an average of 11 hours per week handling document management-related issues.
Solutions such as automatic filing and highly-detailed tagging and searching functions have allowed firms to save time and improve their bottom lines.
Deutsche's most recent modernization rollout comes just months after the bank revealed a new digital signature feature for document and contract signing, The Global Treasurer reported. This has expedited the all-important account onboarding process for corporate and institutional clients, which traditionally relied on extensive manual processing techniques. In addition, the technology assists in the management of accounts, according to the publication.
"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," Honeywell's Marie-Astrid Dubois told TGT.