Deutsche Bank and Google Cloud join forces to create next generation of tech-based financial products
For the private banking business, digital and intuitive solutions will be the focus, to simplify the interactions between customers and employees.
Deutsche Bank and Google Cloud have agreed to form a strategic partnership that aims to redefine how the bank develops and offers its financial services. The partnership will not only deliver cutting edge cloud services to Deutsche Bank, but will also enable co-innovation between the two companies to create the next generation of technology-based financial products for clients.
Deutsche Bank and Google Cloud have signed a Letter of Intent and plan to sign a multi-year contract within the next few months.
The partnership will enable Deutsche Bank to accelerate its cloud transition and build on the engineering capabilities of both companies. Together with Google Cloud, Deutsche Bank will transform its IT architecture and thus generate considerable value for its clients. The multi-year transformation and optimisation of the bank’s current systems will take place in a phased approach. Both parties are committed to compliance with privacy and data protection regulation to maintain the confidentiality, integrity and availability of customer data and Deutsche Bank’s information assets.
With this partnership, Deutsche Bank will also gain direct access to world-class data science, artificial intelligence and machine learning to better serve customers. Potential use cases include helping treasury clients with day-to-day tasks such as cash flow forecasting, improved risk analytics, and advanced security solutions to protect clients’ accounts. For the private banking business, digital and intuitive solutions will be the focus, to simplify the interactions between customers and employees.
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.