Deutsche Bank moves first customers to new core platform
11 July 2012 | 10673 views | 0
Deutsche Bank has migrated five million savings customers onto Magellan, its new billion euro core banking platform.
Magellan comprises the entire IT infrastructure as well as all of the clearing and settlement processes of Deutsche Bank's private and business clients (PBC) unit in Germany.
The platform, based on technology from SAP, replaces decades-old legacy systems and is a major plank of the bank's efforts to integrate Postbank, in which a majority stake was acquired in 2010.
It will eventually provide the shared foundation for operating the branches of both sides of the business "representing a further step forward towards industrialising business processes and greater cost efficiency".
Having moved savers, all PBC accounts and business processes in Germany should be migrated step by step to Magellan by 2015. The new platform will then be fully operational for the more than 2000 Deutsche Bank and Postbank branches, serving 24 million customers.
The whole project is expected to cost EUR1 billion but, says Deutsche Bank, the resulting IT simplification and standardisation will create cost savings of around EUR200 million in 2012 alone.
Rainer Neske, Deutsche Bank management board member responsible for PBC, says: "For our clients, Magellan will result in a faster and more efficient service as well as greater product quality. Magellan is a further milestone in implementing our integration strategy for Postbank and in establishing a retail banking powerhouse in Germany."