Commerzbank Focuses on Enhanced Use of Artificial Intelligence

• Oliver Dörler appointed as Chief Data & AI Officer to further develop AI-based applications across Bank
• Customers and employees will increasingly benefit from AI-based applications
• Artificial intelligence widely utilised at Bank, for example with new banking assistant Ava

Commerzbank is consolidating its activities related to Artificial Intelligence (AI) as part of its strategic upgrade “Momentum,” introduced at the beginning of the year. As part of this, the Bank has created the new role of Chief Data & AI Officer. This management role, reporting to the Board of Managing Directors, will integrate the Bank-wide responsibility for AI application with data management, aid in the development of innovative solutions for private and corporate clients, and increase the Bank’s overall efficiency.

Oliver Dörler, Divisional Board Member and Head of Big Data & Advanced Analytics since May last year, will assume the role of Chief Data & AI Officer. Dörler will continuously evolve the Bank’s AI strategy and make sure that AI is used responsibly across the Group. Together with his team, he will work to strengthen employee skills in dealing with this transformative technology.

Christiane Vorspel, Member of the Board of Managing Directors and Chief Operating Officer with responsibility for IT, stated: “By appointing Oliver Dörler as Chief Data & AI Officer, we are ensuring that our central themes of data and AI are strategically integrated. This will enable us to offer our customers improved products and services while optimising our internal processes more quickly and effectively.”

Oliver Dörler added: “By leveraging data, AI, and machine learning, we aim to contribute to providing our customers with an even higher quality of service. Our employees will also benefit more and more from new applications based on AI in the future.”

The intensified use of AI is a key component of the Bank’s strategic upgrade introduced in February. AI has already been successfully implemented in a variety of use cases. For instance, in the development of the new virtual assistant Ava, launched a few weeks ago, which supports customers when using the banking app. Ava helps with service requests and account management in natural language and answers questions about Commerzbank products. Additionally, the Bank’s employees have recently been provided with access to an AI solution based on ChatGPT, which assists them in many daily tasks.

Oliver Dörler holds a degree in computer science and joined Commerzbank in 2019 following roles at Deutsche Bank and Deloitte. Since then, he has played a pivotal role in the technological advancement of the Big Data & Advanced Analytics division, where the Bank had already consolidated its AI activities in 2017.

About Commerzbank

With its two business segments – Corporate Clients and Private and Small-Business Customers –, Commerzbank, as a full-service bank, offers a comprehensive portfolio of financial services. It is the leading bank for the German Mittelstand and a strong partner for around 24,000 corporate client groups. Commerzbank transacts approximately 30% of Germany’s foreign trade financing. The Bank is present internationally in more than 40 countries in the corporate clients’ business – wherever its Mittelstand clients, large corporates, and institutional clients need it. In addition, Commerzbank supports its international clients with a business relationship to Germany, Austria, or Switzerland and companies operating in selected future-oriented industries. With more than €400 bn assets under management, Commerzbank is also one of the leading banks for private and small-business customers in Germany. Under the brand Commerzbank, it offers a wide range of products and services with an omni-channel approach: online and mobile, via phone or video in the remote advisory centre, and personally in its around 400 branches. Under the brand comdirect, it offers all core services as a digital primary bank 24/7 and, as a performance broker, solutions for saving, investing, and securities trading. Its Polish subsidiary mBank S.A. is an innovative digital bank that serves approximately 5.8 million private and corporate customers, predominantly in Poland, as well as in the Czech Republic and Slovakia.