Deutsche Bank Announces Cloud & Innovation Partnership With Google Cloud

 

Deutsche Bank (XETRA: DBKGn.DB /NYSE: DB) and Google Cloud announced on Friday they have finalized a strategic, multi-year partnership to accelerate the bank’s transition to the cloud and co-innovate new products and services. The duo claims this is the first partnership of this kind for the financial services industry.

“For Deutsche Bank’s clients, the agreement will reshape how products and services are designed and delivered. With faster application development and the use of advanced artificial intelligence and data analytics tools, the bank will be able to respond more flexibly and more accurately to the most pressing challenges, trends and client needs.”

A number of use cases for the partnership are already being explored, including:

  • New lending products to support “pay-per-use” models as an alternative to purchasing assets outright (asset-as-a-service);
  • Establishing a unified, intuitive interface for retail customers in Germany to more easily view the range of Deutsche Bank and Postbank products; and
  • Enhancing the bank’s Autobahn platform, the award-winning electronic service offering for corporate and institutional clients, to create more personalized recommendations and experiences

Speaking about the partnership, Bernd Leukert, Deutsche Bank’s Chief Technology, Data and Innovation Officer and Member of the Management Board, stated:

“Today marks a new chapter for Deutsche Bank. With Google Cloud by our side, we have a strategic partner that will accelerate our technology transformation, enable us to use data more intelligently and provide a flexible and safe environment for us to quickly deliver new products and services. This is the blueprint for bringing together the relative strengths within banking and technology for the benefit of our clients.”

Rob Enslin, President, Google Cloud, added:

“Mobile self-service options, artificial intelligence-based recommendations, and other innovations are transforming the banking experience for businesses and consumers around the world. Our partnership with Deutsche Bank will bring new innovations to life and further establish the financial services industry as an early technology adopter. Deutsche Bank is a trailblazer in the industry, and we couldn’t be more thrilled to partner with such an important market leader.”

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