Deutsche Bank has partnered with Oracle to accelerate its digital transformation.

The multi-year deal aims to modernise the bank’s database technology.

Deutsche Bank will upgrade its existing database systems and migrate the bulk of its Oracle Database estate to an on-premises option of Oracle’s cloud service.

The two companies have also agreed to form a joint innovation partnership, bringing together Oracle and Deutsche Bank engineering and technology teams to explore potential uses for data security technologies, blockchain, AI and analytics to shape the design of new financial products and services.

The collaboration supports Deutsche Bank’s multi-year digital transformation initiative led by its Technology, Data and Innovation division and is part of the bank’s overall cloud strategy.

This includes establishing a strategic public cloud partnership in December 2020.

“Data is fundamental to how we manage our operations, anticipate the needs of our customers and design new products and services. Our collaboration with Oracle to modernise our databases will play an important role in our overall technology transformation,” said Bernd Leukert, chief technology, data and innovation officer, Deutsche Bank. “Our applications supported by Oracle Exadata Cloud@Customer will benefit from a platform with the flexibility to adapt and scale critical services at speed, as well as derive better data insights. In the process, we will simplify and modernise our technology environment, save the bank significant costs and reduce energy consumption through consolidated servers.”

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