Politics Deutsche Bank is now working with Google to solve IT problems - and to stand up to fintechs

14:45  07 july  2020
14:45  07 july  2020 Source:   businessinsider.de

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Google and Deutsche have now signed a letter of intent and plan to sign a multi-year contract within the next few months, the bank said. A source familiar with the matter told Reuters that Deutsche Bank expects the partnership to generate more than 1 billion euros ($ 1 .13 billion) in accumulated earnings

FRANKFURT (Reuters) - Deutsche Bank (DE:DBKGn)'s chief executive said on Tuesday it was premature to say how the lender might aid the banking unit of collapsed payments service provider Wirecard . Germany's largest bank said last week that it was working with financial watchdog BaFin

Deutsche-Bank-Chef Christian Sewing. © Provided by Business Insider Germany Deutsche Bank CEO Christian Sewing.

Deutsche Bank wants to solve its IT problems with the help of Google, among other things. The two companies want to jointly develop and offer financial services, Deutsche Bank announced on Tuesday in an press release . On the one hand, the financial institution gets access to the cloud services of the Alphabet subsidiary.

On the other hand, the two companies want to develop the next generation of technology-based financial products. "Both parties have signed a letter of intent and plan to sign a multi-year contract over the next few months," it says, and that the partnership is "unique."

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Deutsche Bank is not currently looking for fintech partners in this area, in part because of doubts as to whether the model can be successful in the long run, according Explains why blockchain technology is critically important to banks and startups, and assesses which players stand to gain the most from it .

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Like many other German financial institutions, Deutsche Bank is constantly struggling with technical problems. At the largest German bank, IT has been a major construction site for a long time. For example, the former CEO John Cryan had publicly described the bank's IT as "lousy" shortly after taking office in 2015. Ex-IT boss Kim Hammond, who was supposed to solve the problems, had to leave office after a short time in early 2018. At an internal meeting, she had previously described the bank as the "most dysfunctional company" she had ever worked for. In May of last year, such an IT glitch had led to a slump in shares shortly before the annual general meeting, Business Insider reported .

IT from Deutsche Bank works with many different systems

The biggest problem with Deutsche Bank IT is still the many different systems. In 2012, the largest German listed bank commissioned SAP to harmonize the platforms. However, the major project known as Magellan failed. In addition to the renovation of the existing, in some cases very old, IT structures, the banks have for some time been struggling with a lot of competition from technology companies that, like Apple and Google, are using their market power to attract parts of payment transactions, for example.

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Deutsche Bank is working with German regulators on a potential bailout of Wirecard Bank , the deposit-taking unit of the payments group at the centre of one of the country’s biggest postwar accounting frauds. Wirecard Bank , which by the end of 2019 had € 1 .9bn in total assets, is based in a

Alphabet Inc.’s Google and Deutsche Bank AG have agreed to form a long-term partnership that will see the U.S. technology company provide cloud computing capabilities to Germany’s largest lender. That ’s now happening in finance, another sector that Google has tentatively worked with for years.

In addition, a number of young companies, so-called fintechs, are affecting the established banks in product development and also in the competition for customers. The banks are currently countering this step, among other things, with participations and cooperations, but often with manageable success. Former SAP manager Bernd Leukert, who is now responsible for technology, data and innovation at Deutsche Bank, sees the collaboration with Google as an important step for the bank's technology strategy. CEO Christian Sewing hopes that the partnership will give the bank a major boost.

  Deutsche Bank arbeitet jetzt mit Google zusammen, um IT-Probleme zu lösen - und gegen Fintechs zu bestehen © Provided by Business Insider Germany

ph / dpa

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