Deutsche Bank partners Oracle to upgrade its IT systems
Oracle and Deutsche Bank have announced a multi-year collaboration as the German banking giant looks to modernise its IT systems and accelerate its digital transformation.
The agreement will see Deutsche Bank upgrade its existing database systems and migrate the bulk of its Oracle Database estate to the cloud with Oracle Exadata Cloud@Customer.
Oracle says the move “will provide a dedicated platform to support and scale the bank’s existing mission-critical systems and services” as well as reduce operational costs.
“Our collaboration with Oracle to modernise our databases will play an important role in our overall technology transformation,” says Bernd Leukert, chief technology, data and innovation officer at 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.”
As part of the collaboration, the two companies will also form a joint innovation partnership to explore potential use cases for data security technologies, blockchain, AI and analytics.
“Now more than ever, financial services organisations like Deutsche Bank must quickly adopt new technologies and maintain speed-of-innovation while also meeting their data security and locality requirements in an always-changing regulatory environment,” says Juan Loaiza, executive vice president, mission-critical database technologies at Oracle.
“Oracle Exadata Cloud@Customer is designed to help Deutsche Bank achieve this balance, and we are looking forward to partnering with one of the financial sector’s most progressive digital innovators as we help shape the next generation of financial services and business models.”
The collaboration with Oracle supports a broader digital strategy highlighted by Deutsche Bank’s cloud partnership deal with Google last year.
The firm said it will utilise Google Cloud’s AI and data analytics to “deliver new capabilities quicker and cheaper”.
The lender plans to “co-innovate” by making its products available on Google Cloud for the first time.
Deutsche Bank also signed a joint venture agreement with software firm Fiserv this week, designed to create a suite of payment acceptance and banking solutions.