LAS VEGAS — CommerzBank is deploying gen AI within its private banking operations to make operations efficient as part of its continued digital transformation journey.
Frankfurt-based CommerzBank and Google Cloud entered a strategic partnership in 2020, to aid the bank’s growth and transformative goals, Enis Muhaxhiri, head of the bank’s corporate clients innovation lab, said during a panel at Google Next 2025 in Vegas this week.
“We bring our banking expertise on one side, and on the other side Google Cloud provides us with digital services like cloud, automation and AI,” Muhaxhiri said.
The $585 billion bank has deployed the Gemini gen AI model for its corporate bankers to help them in better serve clients and improve their operational efficiency, Muhaxhiri said. The gen AI model helps:
- Digitize documents;
- Create call summaries with corporate and wealth clients; and
- Develop research to pitch to customers.
“After a meeting or a client call, [bankers] have to document the whole discussion and maybe have to revisit the recording and enter information manually into multiple systems,” Muhaxhiri said. “It’s not just describing [the conversation] and giving a summary; it also includes the regulatory necessary requirement” to include information to make necessary transactions.
The tool helps bankers hold conversations with clients and input information in the system in 15 minutes on average compared with 45 minutes before the gen AI tool, Muhaxhiri said. It has helped the bank become 66% more efficient in its administrative tasks.
It took CommerzBank 111 days to deploy the gen AI tool, Muhaxhiri said.
Other financial institutions are increasingly looking to use gen AI-driven tools like chatbots and assistants for private and corporate banking clients. The $1.6 trillion Deutsche Bank, for example, is developing a client-facing gen AI tool in its private bank, as previously reported by Bank Automation News.
