Deutsche Bank has announced that it has formed alliance with Google to transform the financial services market. Deutsche Bank will be empowered with cloud capabilities by Google. As a result of this union the two will broaden their horizons with their collective resources. Christian Sewing, CEO of Deutsche Bank told to the media that their partnership with Google cloud will be an important driver to their strategic transformation. He added that it demonstrates their determination to invest in their technology, as their future is strongly linked to successful digitization. This is as much a revenue story as it is about costs.
The digital transformation of Deutsche Bank can be speeded up as it will have the access to Google’s AI (Artificial Intelligence), data science capabilities and machine learning (ML). According to its plans and earlier announcement, Deutsche Bank developed a technology innovation division to drive its digital transformation and this is called Technology, Data and Innovation.
In June 2020, Deutsche Bank appointed Chow Shang – Wei as the new head for its Wealth Management Unit in Southeast Asia. He served previously at HSBC Private Bank as managing director as well as market head in Singapore and Malaysia, and exited from there in April 2020. He also was with UBS between 2004 and 2016 covering various Southeast Asian markets and Australia. Bernd Leukert, head of Technology, Data and Innovation at Deutsche Bank states that the new technology division will focus more on engineering expertise and also strives to reduce administrative overhead. It also will help lower costs and takes further ownership of processes that were previously outsourced.
