Deutsche Bank and Google Cloud have finalised a strategic, multi-year partnership to accelerate the bank’s transition to the cloud and co-innovate new products and services.

The collaboration on cloud-based services is the first partnership of its kind for the financial services industry, Deutsche Bank said in a statement.

The companies are already exploring potential new lending products, a retail bank interface and enhancements to the Autobahn platform.

The agreement will reshape how Deutsche Bank’s products and services are designed and delivered.

The bank said that Google Cloud’s technology will enable faster application development and the use of advanced artificial intelligence (AI) and data analytics tools, meaning the bank will be able to respond more flexibly and accurately to challenges, trends and client needs.

The move to the cloud will also improve resilience, deliver new capabilities to market quicker and reduce cost over time.

The duo will also selectively co-innovate with promising start-ups and fintechs and plan to make Deutsche Bank products available on Google Cloud Marketplace for the first time.

“Today marks a new chapter for Deutsche Bank,” said Bernd Leukert, Deutsche Bank’s chief technology, data and innovation officer and member of the management board.

“With Google Cloud by our side, we have a strategic partner that will accelerate our technology transformation, enable us to use data more intelligently and provide a flexible and safe environment for us to quickly deliver new products and services. This is the blueprint for bringing together the relative strengths within banking and technology for the benefit of our clients.”

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