Shortly after announcing a deal with HP to outsource its data storage, platform, and hosting requirements, Deutsche Bank has announced plans to open three innovation abs and outsource their technology needs.

Germany, June 3rd 2015

Coming shortly after its announcement of a ten-year outsourcing deal with HP, Deutsche Bank has today announced it is to open three innovation labs. These labs will be situated in London, Berlin, and Silicon Valley. Deutsche hopes the labs will help it to create and deploy new technologies in its drive to enhance its products, services, and processes.

The technological aspects of the innovation labs will be outsourced to HCL (London), Microsoft (Berlin), and IBM (Silicon Valley). Henry Ritchotte, COO 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.

Its deal with HP enables Deutsche Bank to move to a cloud platform, with IBM’s services provided on demand and covering:

  • Data storage
  • Technical platform
  • Hosting Services

At the time of the deal in February 2015, Richotte said that it will enable Deutsche Bank to secure standardised, world-class IT infrastructure while lowering costs. He added that, Having a more modern and agile technology platform will further improve the bank’s ability to launch new products and services and lay the foundation for the next phase of its digital strategy.

Meg Whitman, CEO of HP, said of the deal, Through this partnership, Deutsche Bank will meet its long-term business objectives through a transformation of its IT infrastructure, including a customised HP Helion solution that will enable them to focus on creating and delivering new services for their clients.

The outsourcing deal with HP is a strategic move designed to help Deutsche Bank leverage its core expertise in banking, outsourcing its IT functionalities and reducing costs accordingly. Its innovation labs are part of this process, and a response to the rapid digitisation of the sector which has seen banks such as Barclays and Santander create start-ups and investment funds to get close to innovative companies. Deutsche Bank hopes that its three innovation labs will enable it to evaluate more than 500 start-up companies every year.

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Kate co-founded Briars in 1991 with Andrew Brierley. She specialised in tax law and today continues to advise clients on international operations, particularly land, expand and exit! In her spare time Kate is a Past Master of the City of London Guild of Entrepreneurs and a Director of CCARHT (Cambridge Centre for Applied Research into Human Trafficking).