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 includes cloud services provision to Deutsche Bank, but also enables co-innovation between the two companies to create the next generation of technology-based financial products for clients.
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 optimization 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 data science, artificial intelligence and machine learning. 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.
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.