Deutsche Bank and Google Cloud team up to bolster the bank’s tech and financial services

Deutsche Bank and Google Cloud have joined forces by forming a strategic partnership that aims to redefine how the bank develops and offers its financial services.

The two companies said the partnership will help deliver cutting edge cloud services to Deutsche Bank and enable co-innovation between the two companies to create the “next generation of technology-based financial products for clients.” Both parties have signed a Letter of Intent and plan to sign a multi-year contract within the next few months.

“For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector,” said Sundar Pichai, CEO of Google and Alphabet. “We’re excited about our strategic partnership and the opportunity for Google Cloud to be helpful to Deutsche Bank and its clients as they grow their business and shape the future of the financial services industry.”

Christian Sewing, CEO, Deutsche Bank, added, “The partnership with Google Cloud will be an important driver of our strategic transformation. It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitisation. It is as much a revenue story as it is about costs.”

Bernd Leukert, chief technology, data and innovation officer and member of Deutsche Bank’s management board, commented, “This cooperation with Google Cloud is a significant step forward for our technology strategy, and will transform the way we produce and deliver our client services. By bringing together the best of both cultures, we look forward to creating new business models leveraging artificial intelligence, data analytics, and more, with an established technology and innovation leader.”

The decision follows intensive discussions and due diligence over the past five months. In February 2020, Deutsche Bank invited a number of major cloud service providers to propose a partnership as part of its multi-vendor cloud strategy. As part of this strategy, the bank will continue to work closely with its existing technology partners.

Copyright © 2020 FinTech Global

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