− Deutsche Bank and Google Cloud to co-innovate the next generation of cloud-based financial services

− The bank’s move to the cloud will improve resilience, deliver new capabilities to market quicker and reduce cost over time

− Co-innovation use cases already being explored include new lending products, one retail bank interface and enhancements to the Autobahn platform

− Deutsche Bank and Google Cloud intend to selectively co-innovate with promising start-ups and fintechs and plan to make Deutsche Bank products available on Google Cloud Marketplace for the first time

Deutsche Bank and Google Cloud have finalised a strategic, multi-year partnership to accelerate the bank’s transition to the cloud and co-innovate new products and services. It 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.

“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.”

“Mobile self-service options, artificial intelligence-based recommendations, and other innovations are transforming the banking experience for businesses and consumers around the world,” said Rob Enslin, President, Google Cloud. “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.”

? We are looking forward to co-innovating the next generation of cloud-based financial services with @googlecloud. Hear more in this special podcast unscripted: https://t.co/b0ddbKGm9y pic.twitter.com/fidzsyZbW8

— Deutsche Bank (@DeutscheBank) December 7, 2020

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 personalised recommendations and experiences

As a further step, Deutsche Bank and Google Cloud intend to selectively co-innovate with promising start-ups and fintechs that can support the bank’s client and transformation goals. In addition, to expand customer reach, Deutsche Bank plans to list its Google Cloud products on Google Cloud Marketplace, to drive broader adoption of the bank’s new cloud native services and solutions.

Moving to the cloud will enable Deutsche Bank to take advantage of an up-to-date and fully managed environment for applications. Flexibility and resilience will improve, with an uncompromising focus on data privacy and security to safeguard customer data and Deutsche Bank’s information assets.

Deutsche Bank can choose in which data centre region in scope applications are being deployed to cater for data location preferences or rules. Deutsche Bank applications will encrypt data at rest and in transit. Google Cloud will provide Deutsche Bank with functionality to allow the bank to manage its encryption keys.

Source: Deutsche Bank