Deutsche Bank wants to bring innovative ideas and technology to its products and services, and will be opening three innovation labs to do so. Berlin (Germany), London (UK) and Silicon Valley (USA) are the three places chosen to host these centres, where each year 500 new ideas from tech start-ups will be assessed.
At each of these Deutsche Bank Labs, the German bank will be working with a different tech partner: Microsoft in Berlin, HCL in London and IBM in Silicon Valley.
The bank and tech partners will be collaborating with start-ups and academic institutions to evaluate the potential benefits of tech solutions for the bank itself as well as its customers. The best proposals will be tested and developed further at the Labs.
“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.” according to Henry Ritchotte, Chief Operating Officer and Chief Digital Officer of Deutsche Bank.
The creation of these Labs is part of Deutsche Bank’s Strategy 2020, which has earmarked a billion euros in investment for digital initiatives over the next five years.