Deutsche Bank is the latest big lender to turn to the startup world for business innovation, eyeing FinTech startups to help kickstart its €1bn (£735m) digital strategy with the opening of three new innovation labs in Europe and the US.
The bank will partner with HCL, Microsoft and IBM to open centres in London, Berlin and Silicon Valley, respectively, to identify financial technology that will boost business.
The project is part of Deutsche Bank's plans to invest €1bn in digital initiatives over the next five years and will "strengthen the Bank’s ability to innovate, while deepening its relationships with technology startups", it said.
“Technology is transforming banking and innovation is one of Deutsche Bank’s core values. These labs will act as a bridge between startups and different parts of the Bank, enabling it to apply innovative technology to enhance service to clients and internal processes,” said operations and digital chief Henry Ritchotte.
The labs will be up and running in the Autumn with partner companies contributing "resources, expertise and relationships" to Deutsche Bank, which has ambitious plans to look at 500 startup ideas every year.