Deutsche Bank has opened an innovation lab in Palo Alto, following the successful launch of innovation labs in Berlin and London last year. The three innovation labs, known as Deutsche Bank Labs, are part of its digital element of the Bank’s Strategy 2020. The Bank plans to spend up to EUR 1 billion on digital initiatives over the next five years. The bank’s innovation lab team has been active in Silicon Valley since 2014, previously working from a local start-up accelerator centre. The team has met with more than 500 start-ups in the Valley, introducing those with the most promising ideas to representatives from Deutsche Bank’s business divisions to trial and develop technology solutions. IBM, which partners with Deutsche Bank in the initiative will contribute resources, expertise and relationships to the lab. Deutsche Bank COO Kim Hammonds said the Silicon Valley lab will help Deutsche Bank to offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valley’s innovation and investor communities.
