Deutsche Bank is trying to make an impact on the financial sector. Their new digital repository mainly focuses on exchanging of documents. This is a big step toward the bank’s vision of a paperless loan market. Whether or not they will succeed, remains to be seen.

Everyone knows the financial sector is bogged down by administrative tasks. Every single process requires a lot of paperwork. In this day and age of digitization, new solutions need to be created. That is easier said than done, even in this era. For Deutsche Bank, a lot of changes are looming on the horizon, by the look of things.

A Positive Change by Deutsche Bank

The company has introduced a new solution. A digital repository has been launched to exchange documents in a safe and secure manner. Known as eVault, the platform is legally compliant to move original electronic files between different parties. Additionally, it accommodates unique digital ownership of said files as well.

Original documents will be authenticated at all times. It doesn’t matter whether or not duplicate electronic files of the same record may exist. By using tamper-proof seals and an audit trail, compliance and detailed reporting will be provided. It is a positive venture for Deutsche Bank.

The company claims to be the first bank to use this type of technology. If that is the case, there will be plenty of competitors who will follow suit in the years to come. Streamlining the way bank clients conduct their business is always a top priority. Deutsche Bank is now extended a tool to make that happen exactly.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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