Deutsche Bank and Google Cloud have agreed to form a strategic partnership, delivering not only cloud services to the bank, but also enabling co-innovation to create new technology-based financial products.

Both parties have signed a letter of intent and plan to sign a multi-year contract within the next few months.

The partnership will enable Deutsche Bank to accelerate its cloud transition, transforming its IT architecture in a phased approach. It will also gain direct access to data science, artificial intelligence and machine learning to better serve customers.

Potential use cases include helping treasury clients with day-to-day tasks such as cash flow forecasting, improved risk analytics and advanced security solutions. For the private banking business, digital and intuitive solutions will be the focus, to simplify the interactions between customers and employees.

Sundar Pichai, chief executive of Google and Alphabet, commented: "We're 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 chief executive Christian Sewing added: "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 digitisation."

The decision follows intensive discussions and due diligence over the past five months. In February, Deutsche Bank invited a number of major cloud service providers to propose a partnership as part of its multi-vendor cloud strategy. As part of this strategy, the bank will continue to work closely with its existing technology partners, a statement noted.

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