Deutsche Bank and Google Cloud agreed a multi-year contract back in July – and with the ink now dry, the two companies have outlined a number of use cases for the bank’s digitalisation.
The 150-year old company is looking to utilise Google’s cloud for a number of new products. These include new lending products to support ‘pay per use’ models as an alternative to purchasing assets outright and establishing a new interface for retail customers in Germany. The bank’s Autobahn platform, which offers access to Deutsche Bank research, commentary and analytics, is also getting an upgrade to create more personalised experiences.
On a more general theme, security is a watchword as Deutsche Bank will have functionality to manage its encryption keys, as well as choose the data region for applications to be deployed. ‘Flexibility and resilience will improve, with an uncompromising focus on data privacy and security to safeguard customer data and Deutsche Bank’s information assets’, the companies added.
This is a major win for Google Cloud, with Deutsche Bank tendering proposals in February. The use of ‘moving to the cloud’ in the press materials suggests a major overhaul. According to the New Statesman in October 2019, an internal memo outlined a £12 billion investment plan for new technology, with a promise to ‘bolster cloud strategy.’ For Google, Deutsche Bank fits in to one of its three key customer verticals of finance, healthcare, and retail.
Bernd Leukert, Deutsche Bank chief technology, data and innovation officer, said this was a ‘new chapter’ for the bank. “With Google Cloud by our side, we have a strategic partner that will accelerate our technology transformation, enable us to use data more intelligently and provide a flexible and safe environment for us to quickly deliver new products and services,” he said in a statement.
“This is the blueprint for bringing together the relative strengths within banking and technology for the benefit of our clients,” Leukert added.
The two companies also plan to ‘selectively co-innovate’ with promising startups and fintechs, as well as driving broader adoption of Deutsche Bank’s cloud-native offerings.
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