Deutsche Bank made a seed investment in AI-driven information and documentation processing company Kodex AI last month. 

The Berlin-based startup raised 1.6 million euros ($1.7 million) last month in a seed round from investors including Deutsche Bank and financial services companies SAP and Allianz, Kodex AI Chief Executive and co-founder Thomas Kaiser told Bank Automation News. 

“Artificial intelligence is one of the most important technology trends for the financial industry,” a Deutsche Bank spokesperson said, declining to say how much the company invested. “We expect that in the future, artificial intelligence and machine learning will become an integral part of nearly every aspect of our business, from internal processes to client-facing interactions and capabilities.” 

Kodex AI’s model is specifically built for the financial services industry and has multiple use cases, like “integration of various data sources without the need for coding, from file uploads and API connections to web scraping and ensuring extensive customization options” for document and information processing, Kaiser said. 

“The platform excels in processing large volumes of unstructured data, effectively distilling vital insights from extensive policy documents or extracting metrics from data rooms,” Kaiser said.  

The Kodex model can be “fine-tuned to the specific language of the company or even certain departments,” by feeding the model with annual reports, proposals and meeting minutes, Kaiser said.  

The company’s solution is in beta, with Deutsche Bank being one of its major clients, Kaiser said, noting that the company aims to launch its services to the wider market next year.  

Lloyds Bank taps cybersecurity company DigiCert 

Lloyds Bank is using cybersecurity firm DigiCert’s AI technology to fight financial crime, according to technology tracing firm BuiltWith. Lloyds estimates that the market for AI-driven cybersecurity will swell to $102 billion by 2032. 

Generative AI is going to be a “double-edged sword” for cyber security companies, DigiCert CEO Amit Sinha said in a May LinkedIn post. The tech poses threats like sophisticated phishing attacks, deepfake attacks and automated cyberattacks while providing opportunities like intelligent threat detection and automated penetration testing.  

Lindon, Utah-based DigiCert clients include Bloomberg, CNBC and Oracle as well as financial services companies Citibank, Credit Karma and TaxAct, according to BuiltWith. 

Lloyds Bank and DigiCert didn’t respond to BAN’s requests for comment. 

Deutsche Bank acquires U.K. investment banking company Numis 

Deutsche Bank acquired London-based investment bank Numis for about $509 million, according to the Frankfurt, Germany-based bank’s Oct. 13 release. 

Numis will be absorbed by the $578 billion Duetsche Bank and rebranded as Deutsche Numis as the German bank pushes deeper into the dealmaking markets of the United Kingdom, the release stated.  

Deutsche Numis will serve more than 170 corporate clients and will provide services like corporate brokerage, IPO processes, research, sales and execution of corporate deals, the release stated. 

“The transaction is strongly aligned to our Global Hausbank strategy, allowing us to expand our reach amongst U.K. and international corporates in Europe’s largest investment banking market, and underlines our long-term commitment to the U.K.,” Fabrizio Campelli, head of corporate bank and investment bank at Deutsche Bank, said in the release. 

Santander Bank taps cloud provider Imperva Incapsula 

Santander Bank’s U.K. arm has tapped Redwood City, Calif.-based cloud service provider Imperva Incapsula, according to BuiltWith.  

The Madrid-based bank said in the first quarter that it is migrating its core banking system to the cloud, making it more efficient, modern and scalable. 

“This should result in the annual efficiencies of around [$162 million] upon full implementation with a 67% return on investment and a payback of three years,” CEO Hector Grisi said during the bank’s first-quarter earnings report in April. 

The $1.72 billion bank is implementing its One Transformation Plan, a common operating business model, across retail and commercial banking to improve its customer service and profitability, Grisi said during the third-quarter earnings last month. 

Imperva Incapsula provides its services to multiple financial institutions, including NatWest, Sams Club and Standard Charter Bank. 

Santander Bank didn’t respond to BAN’s request for comment.