Following on from July’s announcement, Deutsche Bank and Google Cloud have signed a partnership to co-innovate the next generation of cloud-based financial services. Co-innovation use cases already being explored include new lending products, a retail bank interface and enhancements to the Autobahn platform.
The Autobahn platform is an electronic service offering for corporate and institutional clients, and the enhancements are to create more personalized recommendations and experiences for those clients. The partners also 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.
With faster application development and the use of advanced artificial intelligence and data analytics tools, it’s expected that the bank will be able to respond more flexibly and accurately to the most pressing challenges, trends and client needs.
Bernd Leukert, Deutsche Bank’s chief technology, data and innovation officer and member of the Management Board, said in a statement: “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 of 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.”
In terms of securing 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. The bank’s 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.