Deutsche and IBM Seek FinTech in Silicon Valley Innovation Lab
By: Daniella Soloway
Germany-based Deutsche Bank has partnered with IBM to introduce its newest innovation lab in Palo Alto, California. As the third of its kind, Deutsche aims to embrace financial technology to better serve its customers and build the bank’s “Strategy 2020” digital initiative.
The lab will serve as an incubator, where financial startups will pitch up to 500 new products a year for adoption by Deutsche Bank. The Silicon Valley location is the third on the list of Deutsche Bank Labs, with similar projects and partnerships with Microsoft and HCL in Berlin and London.
As financial technology companies like Square and PayPal continue to dominate the market, traditional banking entities must innovate to remain relevant.