Deutsche's Dublin ‘Hive' to Boost Data Science, Analytics

Unveiled last week, the lab will employ 40 data scientists and experts in visualization, analytics and technology─who will "apply advanced data tools and techniques to support a range of initiatives across the bank," officials say─and will be led by Sheamus Causer chief country officer, Ireland and head of analytics at Deutsche Bank.

While Deutsche Bank has data scientists across its organization in different roles, this is the first time it has dedicated a unit to data science. The bank chose Dublin as its base as the firm already had a community of data scientists in the city, and wanted to build on that foundation, says a Deutsche Bank official. In addition, the bank has seen an increase in demand for data analytics and visualization skills. As a result, it decided to invest and build an office where "we could get a good critical mass of these skills in one spot to support both projects and a range of business functions across the bank," the official adds.

The genesis of The Hive began between 12 and 18 months ago. "We've seen the community of data scientists in Dublin growing, and were getting some results.... We recognized we were getting to a point where investment would allow us to build a critical mass and receive those benefits on a much bigger scale," the official says.

The Hive will develop applications ranging from machine learning tools for predictive analytics to visualizations. Deutsche Bank hopes that a unit dedicated to promoting the cross-bank deployment of data analytics will help to "both drive the adoption and further enhance the maturity of our use of analytics," the official says. "Like any financial organization we're very data-heavy; we tend to produce a lot of data, and being able to navigate through that and visualize that is becoming very important. How we transform the data, bring together data from a lot of different sources, and pull it together is becoming very important and involves a range of skills."

The bank also hopes the data techniques to emerge from the unit will help it and its clients comply better with regulatory requirements, by using analytics to speed up its responses to regulation-related requests for information, and to reduce the cost of delivering and servicing those regulatory requirements.

Deutsche Bank expects the majority of applicants for the 40 job openings will come from outside the bank, and is looking for a mix of creative and technical skills rather than trading experience, and the ability to articulate complex and technical issues in a way that is easily "understood and challenged," the official says. "One of the significant points about the launch of this is recognizing that providing the bank with a go-to spot with this diversity of skills and backgrounds is a very valuable asset. We need to be able to demonstrate a very clear contribution to the bank, just as any other function would have to. The project functions we work on will have a very clear lineage to other projects that the bank is operating, or to a business function that we are looking to support."

The Hive is part of a wider strategy Deutsche Bank is deploying to modernize and simplify its technology by adopting wider automation, and using data to tailor its products and services to clients as their needs continue to evolve.

"This data lab will generate insights that will enable us to understand and serve our clients better. It will also enhance our ability to comply with regulatory requirements, further strengthen controls and reduce costs," says Kim Hammonds, group chief operating officer of Deutsche Bank, in a statement.