With the right amount of camaraderie and energy, hackathons can quickly identify common client pain points that can be remedied with small pilot projects. flow looks at how this form of collaboration is driving a digitalisation and innovation culture in Deutsche Bank
What happens when nearly 70 developers, business experts and university students from diverse backgrounds get together under one roof? The answer: a buzzing hub of creativity, collaboration and coding. A commingling of banks, clients such as asset managers and universities sparked such effervescence at the recent Symphony Innovate Asia Hackathon 2019, and openly worked together to create tangible solutions in less than a day.
Hackathons like these befit the current trend in client-driven innovation, where the best solutions are those that are co-designed with clients, some of who spend days in their bank provider’s office to jointly determine a problem and develop a solution. It’s with this ethos that 14 teams got together at the Symphony Innovate Asia 2019 Hackathon in Singapore, co-hosted by both Symphony and Deutsche Bank with the single aim: enabling organisations to be more “hyperconnected”. This meant co-identified problems and designed solutions using the Symphony platform to break down silos – across firms and within them. This creative agency of drawing people from diverse talent pools, working together across firms in an agile, fail-fast and without bias environment, was at the heart of the Symphony Hackathon as the teams were challenged to quickly came up with problem statements with clients and single projects to address those.
And in a fast moving digital world, where investors are demanding faster and more real-time access to actionable information and services1, nowhere can this demand be better served than when the same approach to digitalisation and innovation is applied in the securities services world.
It’s for this reason that the external Hackathon marks a significant milestone for Deutsche Bank’s Securities Services team who embarked on the innovation journey, inspired from an openness to collaborate, and a diversity of mindset when employing new technologies to solve client problems. Core to this journey is interconnectivity across firms and within them using Symphony, the cloud-based communication workflow platform, which is venture-funded by more than 20 banks, including Deutsche Bank.
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