Deutsche Bank has announced a strategic, multi-year partnership with Google Cloud that will see Germany’s largest bank accelerate its transition to the cloud. 

While Deutsche Bank is not the only financial institution in the world making the transition to the cloud, the company is notably partnering with Google Cloud to co-innovate new products and services specifically designed for the financial market. This means this partnership is the first of its kind in the financial services world. 

“Today marks a new chapter for Deutsche Bank,” said Bernd Leukert, Deutsche Bank’s chief technology, data and innovation officer and member of the management board. 

“With Google Cloud by our side, we have a strategic partner that will accelerate our technology transformation, enable us to use data more intelligently and provide a flexible and safe environment for us to quickly deliver new products and services. This is the blueprint for bringing together the relative strengths within banking and technology for the benefit of our clients.”

What will moving to the cloud offer Deutsche Bank customers?

Before it can innovate on new products, Deutsche Bank is offering its customers improved resiliency thanks to an advanced cloud-based backbone. 

The bank says that the partnership with Google Cloud will reshape how products and services are designed and delivered. With faster application development and the use of advanced artificial intelligence and data analytics tools, the bank will be able to respond more flexibly and accurately to the most pressing challenges, trends and client needs.

Additionally, it’s already exploring new lending products, one retail bank interface and enhancements to the Autobahn platform as part of the partnership. 

While the partnership between the two firms will mainly benefit Deutsche Bank, the company said that it promises to make the products it co-innovates with Google Cloud available to start-ups and fintechs on the Google Cloud Marketplace.