Deutsche Bank, the bank’s German heavyweight, is closing in on Google to transform itself. The bank and Google announce the signing of a letter of intent that would make Google the partner in the bank’s strategic transformation in cloud and innovation. A multi-year contract is expected to be signed within a few months. Deutsche Bank has been in a difficult position in terms of its business and debt levels for several years.
A partnership for co-innovation with Google
This partnership must accelerate Deutsche Bank’s transition to the cloud and co-innovation to transform its financial services with a new generation of banking products. Google’s engineers are tasked with modernizing the bank’s technology infrastructure, creating new digital solutions for better customer connections, and developing new financial products and services from Google’s technologies.
Through this partnership, the bank wants to access data science, artificial intelligence and statistical learning skills and services to develop services for its customers. The use cases referred to relate to cash management with cash flow forecasting, improved risk analysis and security solutions to protect customer accounts. For the private banking industry, digital and intuitive solutions will be targeted to simplify customer-employee interactions.
“The partnership with Google will be an important driver of our strategic transformation,” said Christian Sewing, CEO of Deutsche Bank. “This demonstrates our determination to invest in our technology, as our future is strongly linked to successful digitization. It is as much about revenue as it is about costs. Bringing
The Cultures of Banking and GoogleTogether
“This cooperation with Google is an important step forward in our technology strategy and will transform the way we produce and provide our customer services,” says Bernd Leukert, the bank’s chief technology, data and innovation officer and a member of the bank’s board of directors. “By bringing together the best of both cultures, we want to create new business models by leveraging artificial intelligence, data analytics, etc., with a leader in technology and innovation.”. »
The decision to partner with Google follows intensive discussions and a “due diligence” process that has taken place over the past five months. In February 2020, Deutsche Bank invited a number of major cloud service providers to partner as part of its multi-supplier cloud strategy. As part of this strategy, the bank will continue to work closely with its existing technology partners. We can name IBM and Microsoft.