Deutsche Bank partners tech giants on innovation labs - WSJ

Deutsche Bank partners tech giants on innovation labs - WSJ

Deutsche Bank is working with tech firms IBM, Microsoft and HCL Technologies on plans to open innovation labs around the world, according to the Wall Street Journal.

Citing sources, the WSJ says that the German bank and its partners are preparing to create the labs in Berlin, London and Palo Alto, with staff shipped out to learn about how technology can improve services.

The move is designed to help Deutsche Bank step up its digital operations as it seeks to prosper in the mobile era, where it faces threats from a host of new upstarts. Although the firm is working with traditional technology giants on the labs, it also plans to use them as a way to work with smaller fintech startups.

Banks are taking a range of approaches to dealing with the wave of competition they are encountering from startups, as well as big tech players such as Apple. Some, like Santander and HSBC, have set up funds to invest in fintech firms, while others, including Barclays, have focussed on incubator and accelerator programmes.
 

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