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Deutsche Bank signs Google Cloud strategic partnership

July 08, 2020 at 08:30AM

Deutsche Bank and Google Cloud have signed a strategic partnership aimed at digitising a handful of the bank’s systems.

Deutsche Bank

Deutsche sought out a new cloud partner in February

Both firms claim the partnership is “unique”. It entails both cloud services and “co-innovation” between the two companies. The deal will create “the next generation of technology-based financial products for clients”.

Both parties have signed a letter of intent and plan to sign a multi-year contract by the end of 2020. It follows “intensive discussions and due diligence” conducted over five months.

Deutsche Bank invited a number of major cloud service providers to propose a partnership as part of its multi-vendor cloud strategy, and eventually settled on the Mountain View tech company.

The multi-year transformation and optimisation of the bank’s current systems will take place in a phased approach.

“For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector,” says Sundar Pichai, CEO of Google and Alphabet.

“We’re excited about our strategic partnership and the opportunity for Google Cloud to be helpful to Deutsche Bank and its clients as they grow their business and shape the future of the financial services industry.”

Bernd Leukert, chief technology, data and innovation officer at Deutsche Bank, agrees.

“This cooperation with Google Cloud is a significant step forward for our technology strategy, and will transform the way we produce and deliver our client services.

“By bringing together the best of both cultures, we look forward to creating new business models leveraging artificial intelligence, data analytics, and more, with an established technology and innovation leader.”

Related: CFTC fines Deutsche Bank $10m for swaps failure & trade spoofing

via FinTech Futures – https://bit.ly/2ZL04J2

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