Deutsche Bank is planning to launch three banking technology innovation labs in 2015 to accelerate development of financial technology firms that can help the banking sector.
The German lender will work with three technology partners, namely Microsoft, HCL and IBM, to set up the innovation labs in Berlin, London and Silicon Valley respectively.
The labs, to be called Deutsche Bank Labs, will help the bank apply new technologies to enhance its products, services and processes while strengthening its ability to innovate.
The labs will screen about 500 fintech start-ups per year, while Deutsche Bank will engage and work with the start-ups and academic institutions, give them feedback on their ideas and will trial and develop ways to implement their technology where appropriate.
With all three labs being fully operational by the beginning of the fourth quarter of 2015, the three partners will contribute resources, expertise and relationships to the bank-led efforts.
Deutsche Bank COO and chief digital officer Henry Ritchotte said: "Technology is transforming banking and innovation is one of Deutsche Bank’s core values. These labs will act as a bridge between start-ups and different parts of the bank, enabling it to apply innovative technology to enhance service to clients and internal processes."