Google Cloud and Deutsche Bank are teaming up to drive the bank’s digital transformation efforts forward, the two companies have announced.
The businesses have signed a letter of intent with the actual multi-year contract being signed “within the next two months”. The goal of the partnership is not only to modernise the bank’s infrastructure on the backend, but also serve as a catalyst for new, customer-facing services.
The entire process is planned to last for years, and should be executed in phases.
Google Cloud added that it will offer the bank direct access to its data science, AI and machine learning tools and services. It believes the new offerings will help, among other things, treasury clients with their everyday tasks such as cash flow forecasting, improved risk analytics and advanced security solutions.
"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, 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 announcement is a result of five months of due diligence and “intensive discussions”. In February this year, the bank invited multiple major cloud service providers, proposing a partnership.