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Deutche to set up 3 tech labs

Deutsche Bank, now overhauling its technology infrastructure, plans to launch three technology innovation labs in Berlin, London and Silicon Valley this year. The labs are intended to accelerate development of ‘fintech’ companies, which could aid the banking sector and its clients. The bank, which unveiled broad plans in April to overhaul its strategy and modernise its tech infrastructure, hopes to screen some 500 fintech startups per year, with some seeking to develop security, payments, efficiency, organisation or process applications. Other global banks, including UBS and Commerzbank are now in the process of technology upgradation especially with a view to have better interaction with customers. According to sources, Deutsche Bank has not set aside any specific funds to invest in the firms, but it aims to partner with selected start-ups by either using the technology itself, fostering development, or perhaps channeling it into clients or other portions of the financial sector. It wants to partner and work with start-ups, give them feedback on their ideas and find ways to employ their technology, not try to benefit solely from a financial perspective. American Express has recently opened a tech lab in Palo Alto, California, to focus on cloud computing and mobile infrastructure.

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