24 September 2017
Find out more

Deutsche Bank opens digital factory in bid to become tech firm

29 September 2016  |  12303 views  |  0 Deutsche bank branch signage

As part of its effort to become a "technology company", Deutsche Bank has opened a digital factory in Frankfurt to house 400 staffers - as well as fintech startups - working on products and services for the mobile age.

The centre is already home to around 400 software developers, IT specialists and financial experts from 14 nations and will double its headcount by 2018. In addition, the site hosts 50 additional workstations reserved for fintech startups, while a partnership agreement has been struck with Massachusetts Institute of Technology (MIT).

The banks intends to double the number of full-time staff housed at the site to 800 by 2018.

Christian Sewing, head, private, wealth and commercial clients corporate division, Deutsche Bank, says: "Today's opening of the Digital Factory is a further milestone on Deutsche Bank's journey to become a technology company. We don't want to be driven by digitalisation; we want to be in the driver's seat. The number of successful players in the banking industry will fall. Only the fastest among them will gain market share."

The German lender already has several digital labs where new ideas are thought up but says that the factory will be where these are translated into real products and services, using agile techniques for short development cycles.

Deutsche Bank is currently undergoing a painful restructuring exercise which will see 30,000 job losses and a streamlining of its technology platforms in a bid to strip out EUR3.8 billion of bottom line costs.

Just this week its financial position has been in the spotlight after it was forced to deny that it may need the German government to help bail it out after being hit with a $14 billion bill from US authorities for miss-selling mortgage-backed bonds.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Deutsche Bank teams up with accelerator to back fintech startups

Deutsche Bank teams up with accelerator to back fintech startups

19 September 2016  |  10516 views  |  0 comments | 13 tweets | 5 linkedin
DB boss Cryan tells staff to work like a tehnology company

DB boss Cryan tells staff to work like a tehnology company

13 September 2016  |  9866 views  |  1 comments | 21 tweets | 31 linkedin
Deutsche Bank establishes Dublin data lab

Deutsche Bank establishes Dublin data lab

09 September 2016  |  7501 views  |  0 comments | 4 tweets | 5 linkedin
Deutsche Bank warns of further cuts after fall in profits

Deutsche Bank warns of further cuts after fall in profits

27 July 2016  |  5613 views  |  0 comments | 5 tweets | 9 linkedin
Deutsche Bank to close 188 German branches and cut 3000 staff

Deutsche Bank to close 188 German branches and cut 3000 staff

23 June 2016  |  15068 views  |  4 comments | 18 tweets | 13 linkedin
Deutsche Bank ditches plan for digital bank

Deutsche Bank ditches plan for digital bank

06 June 2016  |  13608 views  |  4 comments | 18 tweets | 21 linkedin
Deutsche Bank prepares for digital future

Deutsche Bank prepares for digital future

28 April 2016  |  23784 views  |  1 comments | 41 tweets | 69 linkedin
Deutsche Bank to replace IT systems - FT

Deutsche Bank to replace IT systems - FT

27 October 2015  |  7851 views  |  3 comments | 18 tweets | 19 linkedin
Deutsche Bank to open three innovation labs across the globe

Deutsche Bank to open three innovation labs across the globe

03 June 2015  |  10498 views  |  0 comments | 28 tweets | 16 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.sibos.comvisit www.vasco.comdownload the paper now

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13411 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9801 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8601 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8386 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8092 views comments | 32 tweets | 45 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job