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November 18, 2014

Deutsche Bank joins IBM, Microsoft, HCL for new innovation labs

In a bid to bolster its digital banking processes and defend against new market competitors.

By CBR Staff Writer

Deutsche Bank is reportedly working with IBM, Microsoft and India’s HCL Technologies to establish new joint innovation laboratories to bolster its digital banking processes and defend against new market competitors.

As part of the plan, the involved firms will set up new labs in Berlin, London and Palo Alto and cooperate with Internet start-ups, the Wall Street Journal reported.

The bank will train all of its employees by providing them with insight in how to improve customer experience and beef up internal processes.

Earlier, the German bank revealed plans to invest €200m on digitising client facing systems, in additon to restructuring its senior technology team.

Deutsche Bank also overhauled its core banking systems, which involved replacing its legacy systems with SAP platform.

The initiative will help the bank competing against alternative lending platforms including Rocket Internet’s Lendico. Deutsche Bank joins several other banks shifting their focus to digitisation facing new competition.

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