Deutsche Bank has opened an innovation lab based in Silicon Valley that will evaluate emerging technologies that could become products, services and internal services inside the investment bank.
The lab opened this week with a launch event that was attended by its Co-Chief Executive John Cryan on Tuesday.
The lab in Palo Alto will also further strengthen the Banks ability to innovate, while deepening its relationships with start-ups, according to a press statement.
The German bank is working in partnership with IBM, which is contributing resources, expertise and relationships to this new venture. DB also has innovation labs in Berlin and London in 2015. The Bank’s innovation lab team has been active in Silicon Valley since 2014, previously working from a local start-up accelerator center.
At the opening event, Cryan and Group COO Kim Hammonds heard elevator pitches from 15 start-up firms. The event also featured venture capital firms as well as DB clients and technology partners.
The Silicon Valley lab will help Deutsche Bank offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valleys innovation and investor communities, said Kim Hammonds, Group Chief Operating Officer of Deutsche Bank.
According to a press statement, the team has met with more than 500 start-ups in Silicon Valley. They are introducing those with the most promising ideas to representatives from Deutsche Banks business divisions to trial and develop technology solutions.
The three innovation labs — known as Deutsche Bank Labs — form part of the digital element of the Banks Strategy 2020. The Bank plans to spend up to 1 billion Euros on digital initiatives over the next five years.
