Deutsche Bank in the latest press release has announced a collaboration with Google to reexamine the reach of its financial services.
This partnership will reflect changes on two fronts. First Google will authorize Deutsche Bank to use its futuristic cloud technology and second, they will work together to look up to new opportunities.
This will boost up the Bank’s digital evolution by remodeling its technical infrastructure. Deutsche also highlighted that its actions will not have any effect on its already stored precious customer data.
Deutsche Bank will now have permission to use Google’s artificial intelligence (AI), machine learning(ML), and data science abilities. All together with this deal Bank would aim to utilize the technology to give an edge to its digital and online services making them more reliable, easier, and faster.
Some other benefits of this deal for customer accounts could allow cash flow forecasting, augmented risk analytics, and advanced security.
Christian Sewing, CEO, Deutsche Bank said, “The partnership with Google Cloud will be an important driver of our strategic transformation,”
He also added that “It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization. It is as much a revenue story as it is about costs.”
Alphabet and Google CEO Sundar Pichai said that they understand the value of this opportunity and are optimistic towards delivering the right industrial innovation to Deutsche.
“For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector.
“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.”
Deutsche’s comprehensive plan to revamp its technology began about five months ago with a series of talks. To deliver out its plan of multi-cloud the bank began discussions with many providers.
“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,” said Bernd Leukert, Deutsche Bank’s Chief Technology, Data, and Innovation Officer.
“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.”