by Peter High, published on Forbes
Deutsche Bank announced today that it has opened an innovation lab in Palo Alto, enabling the Bank to remain abreast of emerging technologies in Silicon Valley, applying those learnings to develop new products, services, and processes. The hope is also to develop deeper relationships with start-ups. The launch event included Deutsche Bank Co-Chief Executive John Cryan on Tuesday.
The opening follows the successful launch of innovation labs in Berlin and London last year. The three innovation labs, known as Deutsche Bank Labs, form part of the 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.
At the event, Cryan and Kim Hammonds, Deutsche Bank’s Group Chief Operating Officer, heard pitches from 15 start-ups. The early-stage start-ups pitched a range of ideas including software that analyses data in documents, an online identity verification portal and a number of blockchain-related initiatives. The event also included venture capital firms along with Deutsche Bank clients and technology partners.
Hammonds said, “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.”
The Bank’s innovation lab team has been active in Silicon Valley since 2014, previously working from a local start-up accelerator center. 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 is partnering with Deutsche Bank. The former will contribute resources, expertise and relationships to the partnership.