Deutsche Bank Enhances Advisory Services and Digitalization

Discover how Deutsche Bank is fortifying its advisory approach and investing in digitalization to better serve clients in a changing landscape.

Deutsche Bank is embarking on a transformative journey to enhance its advisory services for private clients within its domestic market. In a bid to adapt to the evolving preferences of its clientele, the bank is significantly augmenting its advisory capacity through video and telephone consultations. This strategic initiative is complemented by substantial investments aimed at optimizing its branch network, ensuring that clients receive personalized advice in a manner that aligns with contemporary expectations.

The bank's commitment to providing tailored personal advice is underscored by a marked increase in the availability of consultations via digital platforms. This shift is a direct response to the growing demand from customers who favor the convenience of remote advisory services, particularly during extended consultation hours. Currently, teams stationed at nine locations are actively engaged in advising personal banking clients across a diverse spectrum of private client services. Following promising pilot programs at two sites, Deutsche Bank plans to extend this innovative advisory model nationwide, specifically targeting affluent clients within the private banking sector.

Central to this consulting approach is a robust investment in digitalization. By 2025, Deutsche Bank's mobile application is set to undergo a comprehensive overhaul, introducing an array of enhanced digital services designed to streamline client interactions. Concurrently, the bank is refining its branch network, increasingly favoring novel formats such as private banking centers, which are specifically tailored to cater to the needs of wealthier clients. The positive feedback from existing locations, which focus exclusively on advising pre-registered private banking clients, has been encouraging.

However, this evolution in the branch network will necessitate some adjustments, including the closure of a mid-double-digit number of smaller branches. Despite these changes, Deutsche Bank remains committed to maintaining a robust nationwide presence through its extensive branch network. In light of these developments, the bank is poised to engage in negotiations with the Works Council to establish a balanced approach to the interests of all stakeholders involved.

With these strategic measures, Deutsche Bank is steadfastly advancing its long-term vision for the private client segment, a vision articulated in the previous year. Importantly, all planned initiatives have been integrated into the bank's financial planning framework, contributing to the achievement of its cost management objectives. In essence, Deutsche Bank is not merely adapting to the current landscape; it is proactively shaping the future of private banking in a manner that is both innovative and client-centric.