Deutsche Bank plans three new labs as part of €1 billion digital investment
Deutsche Bank plans to open three innovation labs as part of its €1 billion investment in digital initiatives over the next five years.
The bank has partnered with different technology partners for each of the labs – which will be known as Deutsche Bank Labs – and will be working Microsoft in Berlin, HCL in London and IBM in Silicon Valley.
The €1 billion spend on digital initiatives is part of the bank’s Strategy 2020. The aim is for the labs to evaluate over 500 start-up ideas per year. All three labs will be fully operational by the beginning of the fourth quarter of this year.
Staff from the bank and its partners will engage with start-ups and academic institutions to evaluate potential technology solutions for the Bank and its clients’ business needs. They will then trial and develop this technology further in the labs, collaborating with clients where appropriate.
Henry Ritchotte, chief operating officer and chief digital officer at the bank, said: “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.”
