Deutsche Bank Opens US Innovation Lab
German bank launches third lab following opening of innovation centers in Berlin and London last year.
The German bank initially announced the opening of three innovation labs back in June 2015 as part of its Strategy 2020 in which the bank plans to spend €1 billion ($1.14 billion) on digital initiatives over the next five years. Labs in Berlin and London were opened last year with technology partners Microsoft and HCL, respectively. IBM is serving as the technology partner at the Silicon Valley lab.
In July, a person familiar with the labs told WatersTechnology the bank was hoping to implement 50 ideas from the three new innovation labs in the first year.
Cryan and Hammonds heard brief pitches from 15 startups at the event, which also had venture capital firms and Deutsche's clients and technology partners in attendance. Pitches included software that analyzes data in documents, an online identity verification portal, and several blockchain initiatives.
"The Silicon Valley lab will help Deutsche Bank offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valley's innovation and investor communities," says Hammonds.
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