Deutsche Bank and Google Cloud are forming a strategic partnership to accelerate the bank’s cloud transition.
The parties have signed a Letter of Intent and plan to sign a multi-year contract later this year.
According to Google Cloud, the multi-year alliance will enable Deutsche Bank to:
- Gain access to world-class data science, AI and ML expertise;
- Accelerate its cloud engineering capabilities;
- Optimise legacy systems through migration to the cloud, and
- Deliver new cloud-driven products and services for clients
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.
Data science, AI and machine learning
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.
“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.”
Google and Deutsche Bank: a revenue and cost story
“The partnership with Google Cloud will be an important driver of our strategic transformation,” adds Christian Sewing, CEO, Deutsche Bank. “It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitisation. It is as much a revenue story as it is about costs.”
“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,” adds Bernd Leukert, Deutsche Bank’s Chief Technology, Data and Innovation Officer and Member of the Management Board.
“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.”
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.