Having already announced the deal this summer, Deutsche Bank and Google Cloud have now finalised a strategic, multi-year partnership to accelerate the bank’s transition to the cloud and co-innovate new products and services.
The deal is part of Deutsche Bank’s modernisation efforts to digitalise its offering, which will see 18,000 of its employees be replaced by technology solutions.
“Today marks a new chapter for Deutsche Bank,” said Bernd Leukert, Deutsche Bank’s chief technology, data and Innovation officer and member of the management board. “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 at 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.”
The partnership is exploring several new products, such as new lending products to support pay-per-use models as an alternative to purchasing assets outright; 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 electronic service offering for corporate and institutional clients, to create more personalised recommendations and experiences.
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