June 3, 2015 - Deutsche Bank plans to open three innovation labs in Berlin, London and Silicon Valley, working with three technology partners: Microsoft in Berlin, HCL in London and IBM in Silicon Valley. The labs form part of the digital element of Strategy 2020, under which the Bank plans to spend up to EUR 1 billion on digital initiatives over the next five years.
Henry Ritchotte, Chief Operating Officer and Chief Digital Officer of Deutsche 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.”
The labs, which will be known as Deutsche Bank Labs, will help the organisation apply new technologies from three global centres of innovation to enhance its products, services and processes. They will also further strengthen the Bank’s ability to innovate, while deepening its relationships with technology start-ups.
The three partners, all of whom have experience of running innovation labs, will contribute resources, expertise and relationships to the Bank-led efforts. 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 2015.
Deutsche Bank is a leading global universal bank serving 28 million clients worldwide. Deutsche Bank provides commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals. Deutsche Bank is Germany’s leading bank, with a strong position in Europe and a significant presence in the Americas and Asia Pacific.