Deutsche Bank Launches Innovation Labs to Drive Digital Transformation

Deutsche Bank has announced plans to establish three innovation labs in Berlin, London, and Silicon Valley, in collaboration with technology partners Microsoft, HCL, and IBM. The labs, dubbed Deutsche Bank Labs, aim to enhance the bank's products, services, and processes by applying new technologies from global innovation centers. This move is part of the bank's Strategy 2020, which involves investing up to EUR 1 billion in digital initiatives over the next five years. The labs will serve as a bridge between start-ups and the bank, facilitating the evaluation and development of innovative technology solutions.

Key Takeaways:

• Deutsche Bank plans to establish three innovation labs in Berlin, London, and Silicon Valley, working with technology partners Microsoft, HCL, and IBM.
• The labs will help the bank apply new technologies to enhance its products, services, and processes, as part of its Strategy 2020.
• Deutsche Bank aims to spend up to EUR 1 billion on digital initiatives over the next five years.
• The labs will evaluate over 500 start-up ideas per year, collaborating with clients where appropriate.
• Staff from Deutsche Bank and its partners will engage with start-ups and academic institutions to evaluate potential technology solutions.
• Deutsche Bank Chief Operating Officer and Chief Digital Officer, Henry Ritchotte, emphasized the importance of innovation in banking, stating that the labs will act as a bridge between start-ups and different parts of the Bank.

Statistics:

• Deutsche Bank plans to spend up to EUR 1 billion on digital initiatives over the next five years.
• The labs will aim to evaluate over 500 start-up ideas per year.
• The banks' digital transformation efforts are expected to be operational by the beginning of the fourth quarter of 2015.

Sources:

• Deutsche Bank AG Press Release (2015) - "Deutsche Bank to Open Three Innovation Labs"

retrieved from M2 PressWIRE on June 3, 2015