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Deutsche Bank announces multi-year contract with Google Cloud

Deutsche Bank announces multi-year contract with Google Cloud
A 3D printed Google logo is placed in front of a display of the Deutsche Bank logo in this illustration picture taken July 7, 2020  |  Photo Credit: Reuters
7 Dec, 2020

Frankfurt headquartered Deutsche Bank has picked up cloud service provider Google Cloud to accelerate its digital transformation. 

First reported in July, the 10-year contract will speed up Deutsche Bank’s migration to cloud. The bank will roll out new products including a pay-per-use model for assets as part of its lending services, establishing an intuitive interface for retail customers in Germany.

The companies will explore ways to enhance the bank’s Autobahn platform for personalised recommendation and experience for corporate and retail clients, according to a statement. 

As part of the agreement, Deutsche Bank and Google Cloud will also work with promising startups and fintech companies which can support the bank’s digital transformation. The bank will also be able to choose specific data centre regions for in scope application deployment to comply with data location rules. 

Watch: Deutsche Bank CIO Dilipkumar Khandelwal on how cloud, APIs are making operations agile

“Mobile self-service options, artificial intelligence based recommendations and other innovations are transforming the banking experience for businesses and consumers around the world. Our partnership with Deutsche Bank will bring new innovations to life and further establish the financial services industry as an early technology adopter,” Rob Enslin, president of Google Cloud said.

For Google Cloud, the contract with the German lender is a significant step in the cloud services market in the European region. 

Read: AWS vs Google Cloud vs Microsoft -- pandemic intensifies battle in cloud services

In the US, Google recently unveiled the new version of its Google Pay with a built-in mobile-first bank account through Plex Accounts.