Citi has got one and so does Barclays. Now Deutsche Bank is the latest major bank to announce that they will be launching an ‘innovation lab’ for financial technology startups. Aptly named Deutsche Bank Labs, it is part of a larger five-year plan called Strategy 2020 to spend €1 billion in digital initiatives by the bank, with labs to be opened in three locations; Berlin, Silicon Valley and London.
With a launch date of Q4 of this year for all three locations, Deutsche Bank is partnering with global technology firms that have large focuses of their business in the IT enterprise sector, to operate the labs. The bank will be working with IBM in Silicon Valley, Microsoft in Berlin, and HCL in London. In addition to technology experience, each firm will also provide resources for the labs.
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Among goals of the labs, is to evaluate over 500 startups a year. According to Deutsche Bank, company staff, partners, and academic institutions will be part of the group that evaluates and engages with startups. Accepting startups to the program will then be provided a trial period to further develop their technologies in the lab while also having the opportunity to collaborate with the bank’s clients.
For Deutsche Bank, it gains exposure to innovation taking place in the fintech sector that could eventually be adopted by them as part of their goal to digitize more of their business. By launching the labs in separate cities noted to be hubs for fintech innovation, it also provides the bank with a more diverse set of startups to partner with.
Henry Ritchotte, Chief Operating Officer and Chief Digital Officer of Deutsche Bank, remarked about the innovation labs in the firm’s public release of the news, “Technology is transforming banking and innovation is one of Deutsche Bank’s core values. These labs will act as a bridge between start-ups and different parts of the Bank, enabling it to apply innovative technology to enhance service to clients and internal processes.”