Innovation remains one of the major issue in every sector of business and banking is not different. Deutsche Bank understands this need for firming its position on the market and follows the trend of Citi and Barclays in launching an ‘innovation lab’ for financial technology startups.

According to report, Deutsche Bank is about to open the labs in Berlin, Silicon Valley and London, pursuant to a 5-year plan ‘Strategy 2020’ with a budget of €1 billion and the term set to the fourth quarter.

Such innovation of Deutsche Bank is about to be supported technically byt IT leading corps as IBM in Silicon Valley, Microsoft will help with setting the lab in Berling and HCL in London.

Deutsche Bank intends to assess above 500 startups per respective year and provide them a trial period of time to develop their technologies together with the possibility of cooperating with clients.

The Chief Operating Officer and Chief Digital Officer of Deutsche Bank, Henry Ritchotte, stated on 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.”

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