Deutsche Bank and Google Cloud strike historic cloud partnership

Strategic cloud agreement is ‘world first’ for cloud-cautious financial services

Deutsche Bank and Google Cloud have signed a multi-year strategic partnership to fast-track the bank’s cloud migration in what is being heralded as a landmark agreement between a cloud provider and major financial services organisation.

As part of the agreement, the companies will develop new cloud-based financial services. New lending products, retail bank interfaces, and improvements to Deutsche Bank’s corporate transaction and intelligence platform, Autobahn, are currently being explored.

Deutsche Bank credited Google Cloud’s advanced artificial intelligence and data analytics suite as a major reason behind the deal, saying the tools will enable Germany’s leading bank to “reshape” product design and delivery and accelerate application development.

“Today marks a new chapter for Deutsche Bank,” said Bernd Leukert, Deutsche Bank’s Chief Technology, Data and Innovation Officer and Member of the Management Board.

“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. This is the blueprint for bringing together the relative strengths within banking and technology for the benefit of our clients.”

Deutsche Bank and Google Cloud also plan to “selectively co-innovate” with start-ups and fintechs that can support the bank’s client and transformation goals. Deutsche Bank also intends to list its Google Cloud products on Google Cloud Marketplace to increase the adoption of its cloud-native services.

“Mobile self-service options, artificial intelligence-based recommendations, and other innovations are transforming the banking experience for businesses and consumers around the world,” said Rob Enslin, President, Google Cloud.

“Our partnership with Deutsche Bank will bring new innovations to life and further establish the financial services industry as an early technology adopter. Deutsche Bank is a trailblazer in the industry, and we couldn’t be more thrilled to partner with such an important market leader.”

Though the outbreak of the Covid-19 pandemic accelerated cloud-based working, financial services organisations have typically lagged behind other sectors’ cloud adoption due to the highly regulated nature of their industry.