More news on the fintech front as another global bank looks to tap directly into Silicon Valley’s brightest. Deutsche Bank plans to spend up to 1 billion euros on digital initiatives over the next five years.
The lab in Palo Alto will enable Deutsche Bank to evaluate emerging technologies from Silicon Valley and apply them to enhance its products, services and internal processes. It will also further strengthen the Bank’s ability to innovate, while deepening its relationships with start-ups.
Deutsche Bank is working in partnership with IBM, which is contributing resources, expertise and relationships to the Bank-led efforts.
Start-ups Encouraged
John Cryan, Co-Chief Executive and Kim Hammonds, Group Chief Operating Officer, heard elevator pitches from 15 start-ups keen to work with the bank at the event, which was also attended by venture capital firms along with Deutsche Bank clients and technology partners.
The early-stage start-ups pitched a range of ideas including software that analyses data in documents, an online identity verification portal and a number of blockchain-related initiatives.
«The Silicon Valley lab will help Deutsche Bank offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valley’s innovation and investor communities,» said Hammonds.
