Thursday, May 23, 2024

Deutsche Bank Engaging Oracle for Digital Transformation

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AUSTIN, Texas and FRANKFURT, Germany — Oracle and Deutsche Bank are entering a multi-year agreement to “modernize” the bank’s database technology and accelerate its “digital transformation.”

Deutsche Bank will upgrade its database systems as well as migrate the bulk of its Oracle Database estate to Oracle Exadata Cloud@Customer — an on-premises option of the Oracle Exadata Cloud Service — to support applications that “will not move to the public cloud or may in the future,” according to the companies last week.

The move will provide “a dedicated platform” to support and scale the bank’s mission-critical systems and services, including trading, payments processing, risk and capital planning, and regulatory reporting.

Deutsche Bank will use the migration to Oracle Exadata Cloud@Customer to consolidate critical applications on a single platform, while complying with its data residency requirements and “significantly reducing” operational costs. 

The Oracle solution can run in Deutsche Bank’s data centers and in future cloud co-location sites, minimizing latency and supporting the shift of applications to the cloud. 

Deutsche Bank’s aim in the agreement is to “drive data integration” across its operation to streamline operations, provide unified oversight of core service processes and implementations, and develop and scale applications based on customer demand.

“Data is fundamental to how we manage our operations, anticipate the needs of our customers and design new products and services,” said Bernd Leukert, chief technology, data and innovation officer, Deutsche Bank. 

“Our collaboration with Oracle to modernize our databases will play an important role in our overall technology transformation.” 

See more: Microsoft And Morgan Stanley Partnering On Cloud In Financial Services

The bank’s applications supported by Oracle Exadata Cloud@Customer will benefit from a platform with “the flexibility to adapt and scale critical services at speed as well as derive better data insights,” Leukert said, adding the bank will also reduce energy consumption through consolidated servers.

Financial services organizations must be meeting their data security and locality requirements in an “always-changing regulatory environment,” said Juan Loaiza, EVP of mission-critical database technologies, Oracle.

Loaiza called Deutsche Bank one of the financial sector’s “most progressive digital innovators.”

Oracle and Deutsche Bank are also forming a “joint innovation partnership,” bringing together their engineering and technology teams. 

The companies will “explore potential uses” for data security technologies, blockchain, artificial intelligence (AI) and analytics. Their collaboration should help design new financial products and services.

Deutsche Bank’s work with Oracle supports the multi-year digital transformation initiative led by its Technology, Data and Innovation (TDI) division and is another step in the bank’s cloud strategy.

See more: Companies That Scaled Technology During COVID-19 Grew Revenue 5x Faster Than ‘Laggards’

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