The Deutsche Bank innovation labs opening towards the end of the year will be supported by Microsoft in Berlin, HCL in London and IBM in Silicon Valley. This coincides with the bank’s “Strategy 2020”. The digital element of which the Bank plans to spend up to € 1 billion on digitial initiatives across the next five years. To kickstart the innovation labs, 500 fintech startups will be screened annually.
Similar programs are offered by competitors UBS and Commerzbank. However the Deutsche Bank’s labs offer a conservative approach but not focusing on investment but innovation. Deutsche Bank aims to offer the participating startups a comprehensive support, for example, by connecting founders with clients in the financial sector. Besides trialling and developing startups, staff from the bank including partners as well as academic institutions will all play a role in assessing solutions for the Bank.
Chief Operating Officer Henry Ritchotte, recently promoted as 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 startups and different parts of the Bank, enabling it to apply innovative technology to enhance service to clients and internal processes.”