Deutsche Bank and Google Cloud are going to partner in order to co-innovate the next generation of cloud-based financial services.

This move to the cloud will enhance the bank’s resilience as well as allow it to deliver new capabilities to market faster and reduce the cost through time. Deutsche Bank and Google Cloud aim to co-innovate with some promising start-ups and fintech and plan to make Deutsche Bank products available on Google Cloud Marketplace for the first time ever.

After a few months, both have finally reached a strategic, multi-year partnership to speed up the bank’s transition to the cloud and co-innovate new products and services. This is the first time that there is a partnership of this kind in the financial services industry.

This new partnership means that the way products and services are designed and delivered will be reshaped and the bank will be able to answer more quickly and accurately to new challenges and customers’ needs. With Google Cloud, Deutsche Bank will get to use its data more intelligently and provide a safer and more flexible environment to deliver their products and services.

This partnership will bring new innovations to life and help establish the financial services industry as an early technology adopter.

Some of the use cases that are being explored for the partnership are as follow:

• New lending products to support “pay-per-use” models as an alternative to purchasing assets outright (asset-as-a-service)
• Establishing a unified, intuitive interface for retail customers in Germany to more easily view the range of Deutsche Bank and Postbank products
• Improving the bank’s Autobahn platform to create more personalized recommendations and experiences

Moving to the cloud will allow Deutsche Bank to fully explore the advantages of an up-to-date and managed environment for applications. This will bring more flexibility and resilience to their services as well as more security with a focus on data privacy to protect customer data and the Bank’s information assets.

This is the beginning of a new era for banking and technology.