Deutsche Bank is to open three innovation labs in Berlin, London and Silicon Valley, as part of a EUR1 billion spend on digital initiatives over the next five years.
The giant German bank says the labs will help the organisation develop new products and services from three global tech hubs, strengthening its ability to innovate and deepening its relationships with smart startups.
The labs form part of the digital element of Strategy 2020, unveiled in April, under which the bank plans to shutter 200 branches and invest an additional EUR1 billion over the next three-to-five years to create "a more digital bank".
Deutsche is working with three technology partners - Microsoft in Berlin, HCL in London and IBM in Silicon Valley - who will contribute resources, expertise and relationships to the bank-led efforts.
The aim is for the labs to evaluate over 500 start-up ideas per year.
All three labs will be fully operational by the beginning of the fourth quarter of 2015, says Henry Ritchotte, chief operating officer and chief digital officer of Deutsche Bank.
“Technology is transforming banking and innovation is one of Deutsche Bank’s core values," he says. "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.”