German banking giant Deutsche Bank has signed a multi-year partnership with Google Cloud to transition its operations to cloud and to co-develop new products and services.
The partnership is expected to support Deutsche Bank in reshaping how its products and services are designed and delivered to its clients.
The transition to cloud is expected to enable the bank to add new capabilities to market quicker, while reducing its cost over time.
The bank claims that the partnership will allow it to respond more flexibly and accurately to its clients’ requirements, with speedier application development, advanced artificial intelligence (AI) and data analytics tools.
In addition, Deutsche Bank and Google Cloud aims to selectively co-innovate next generation of cloud-based financial services, with start-ups and fintechs to support the bank’s client and transformation goals.
Deutsche Bank chief technology, data and innovation officer and management board member Bernd Leukert said: “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.”
Google Cloud, Deutsche Bank exploring use cases for partnership
Apart from expanding customer outreach, the bank also plans to list its Google Cloud products on Google Cloud Marketplace, to drive further adoption of its new cloud native services and solutions.
The two companies are exploring some of the use cases for the partnership, including new lending products to support pay-per-use models as an alternative to buying assets.
The use cases also include establishing a unified interface for retail customers in Germany to easily view the bank’s products, and enhancing the bank’s Autobahn platform to create personalised recommendations.
Google Cloud president Rob Enslin said: “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.”
