The partnership between Deutsche Bank and
Google Cloud aims at redefining how the bank develops and offers its financial
services
Germany: German banking giant Deutsche
Bank has agreed to work with Google Cloud for redefining how the bank develops
and offers its financial services. The partnership will help Deutsche bank with
cloud services and in creation of next generation of technology-based financial
products for clients. The two companies have signed a Letter of Intent (LoI) and
plan to sign a multi-year contract within the next few months.
The partnership with Google Cloud
will enable Deutsche Bank to transform its existing IT architecture and
generate significant value for its clients. The two parties are committed to
comply with privacy and data protection regulations in order to ensure the
integrity and confidentiality of customer data and Deutsche Bank’s informatory
assets. The partnership will also give Deutsche Bank access to world-class data
science, machine learning and artificial intelligence to serve its customers in
a better way.
In a statement, Google and Alphabet
CEO said, “For more than 150 years, Deutsche Bank has been an industry pioneer,
with a strong record of innovation in the financial services sector. We are excited
about our strategic partnership and the opportunity for Google Cloud to be
helpful to Deutsche Bank and its clients as they grow their business and shape
the future of the financial services industry."
Deutsche Bank CEO said, “The
partnership with Google Cloud will be an important driver of our strategic
transformation. It demonstrates our determination to invest in our technology
as our future is strongly linked to successful digitization. It is as much a
revenue story as it is about costs.”
According to TechSci
Research, “Google Cloud's only major banking client is HSBC. Also, the
company signed a five-year contract with UK high street bank Lloyds in March
2020. Deutsche Bank’s deal with Google Cloud is an important step towards digital
and intuitive solutions that will help enhance customer experience and optimize
various banking processes through AI and machine learning.”
According to the published
report by TechSci Research, “Global Artificial Intelligence as a
Service Market By Technology (Machine Learning, Natural Language
Processing & Others), By Organization Size (Large Enterprise & SME), By
Service Type (Services & Software Tools), By Type of Cloud (Public Cloud,
Private Cloud & Hybrid Cloud), By Vertical (BFSI, Healthcare, Retail, IT
& Telecom, Government & Others), By Region, Competition, Forecast &
Opportunities, 2024,” global artificial intelligence as a
service market was valued at US$ 2 billion in 2018 and is anticipated to grow
at a CAGR of 34% to reach around US$ 11.5 billion by 2024 owing to increasing
adoption of artificial intelligence to enhance the efficiency in business
processes. Organizations are leveraging artificial intelligence for improving
productivity and delivering enhanced efficiency at lower cost, which is
anticipated to fuel growth of artificial intelligence as a service market over
the next five years. Moreover, increasing demand for enhancing user experience
while reducing waiting time through automated chats is further likely to propel
growth of the market.
According to the recently
published report by TechSci Research, “Global Digital Payment Market, By Type (Solutions and
Services), By Deployment Mode (On-premises and Cloud-based), By Organization
Size (SMEs and Large Enterprises), By Company & By Geography, Forecast
& Opportunities, 2014-2024”, the global digital payment market is
predicted to reach USD87 billion by 2024, growing at a CAGR of over 15% during
the forecast period. The growing usage of smartphones, various initiatives
taken to promote digital payment and expanding e-commerce industry are the
major drivers for the global digital payment market.