Artificial intelligence (AI) is transforming the way businesses operate, and Deutsche Bank is embracing this change with a bold vision. The bank’s AI journey is closely aligned with its cloud transformation, made possible by its partnership with Google Cloud, which began in December 2020.
Google offers Deutsche Bank a comprehensive suite of advanced offerings, including the generative AI-powered Vertex AI, app builder, Duet AI for Google Workspace and Google Cloud, and a range of other innovative tools.
In an interview with AIM, Bernd Leukert, chief technology, data and innovation officer at Deutsche Bank, mentioned that rather than allowing different application owners to select their preferred cloud providers, the bank sought a single strategic partner. “I want to have a strategic partner and not each individual application owner to decide…as I was concerned that then our data and our applications are distributed everywhere,” he said.
He further explained that the evaluation process involved testing Google Cloud, Microsoft Azure, and AWS over six months, with a focus on technical capability and partnership potential.
“From a resilience perspective, we always have to think to be able to operate for our customers in terms of a crisis. [The] worst thing would be a war, but even natural catastrophes [or] disasters.”
Leukert shared that keeping end-user computing with Microsoft while running core banking on Google Cloud ensures operational continuity in case of disruptions.
So, How Exactly is AI Helping?
Speaking with AIM, Guru Thiagarajan, head of the India tech centre at Deutsche Bank, explained that “once we move things to the cloud, it’s easy to leverage AI capabilities”.
The focus is on productivity – helping research analysts and bankers sift through vast amounts of data, summarise reports, and prepare for client meetings faster. While AI in banking isn’t new, the rise of generative AI brings fresh opportunities. “With generative AI and large language models, we can help our teams handle data-heavy tasks in a fraction of the time,” Thiagarajan said.
One of the key technologies used by Deutsche Bank is retrieval-augmented generation (RAG). “RAG helps us provide reliable, accurate results using only trusted sources. It acts like a digital assistant for our bankers,” Thiagarajan added.
He further said that Deutsche Bank’s AI and cloud teams work across different locations, but India plays a leading role. Most of the bank’s technology workforce is based in Pune and Bengaluru, with teams also in Mumbai and Jaipur.
India Pushing the Boundaries with AI-Powered Tools
At its recent ‘Bank on Tech’ event in Bengaluru, Deutsche Bank showcased its innovative AI-driven solutions developed by its India-based team, highlighting their growing impact on the banking industry.
Among these innovations is dbTextract, a powerful document processing tool capable of handling 4,000 pages per minute with 97% accuracy, significantly reducing processing time by 40%. Since its launch in April 2024, it has already processed nearly six million pages, ensuring both efficiency and security with a built-in verification system.
Another key solution is Frontier Finance, which has been designed to automate invoice reconciliation and payment collection and provide businesses with faster payments, real-time tracking, and multiple payment options.
The bank also introduced dbColours, a market intelligence tool that analyses financial data from news, events, and in-house research to help clients make data-driven investment decisions. It supports sales teams with customised pitches and identifies risks such as economic shifts and geopolitical instability. Since its launch in November 2024, dbColours has delivered insights to 50 emerging market clients.
Lastly, dbLumina, built using Google’s Gemini AI, enhances the creation of client research reports and pitch books by scanning market data, regulatory documents, and company reports to generate high-quality content. Its chat-based interface allows users to interact with it conversationally, making it an intuitive and efficient tool.
Currently used by the bank’s research team, dbLumina is also being explored for potential applications in investment banking and finance departments.
India’s Growing Role in Deutsche Bank’s Future
Over the past decade, India has evolved from a cost-saving hub to a global centre of technology and innovation for Deutsche Bank. “When we started here 10 years ago, the motivation was labour arbitrage – getting the same work done at a lower cost. But that was the early days,” Leukert recalled.
Today, India is a key source of world-class tech talent. “India gives us access to a highly educated talent pool, which we don’t see in other parts of the world. And as the bank grows, we need more tech talent,” he added.
Geopolitics also plays a role in this shift. “In some other regions, the talent pool is either not available at the level we need, or the geopolitical situation makes it an unsuitable move,” Leukert added.
The bank has moved beyond outsourcing and is now developing global technology solutions from India. Leukert believes that India will have more ownership of technology in the future.
Deutsche Bank’s strategy of partnering with Google Cloud for core banking, Microsoft for end-user computing, and Oracle and SAP HANA for specialised services is helping it build a resilient and AI-driven banking platform.
India is no longer just a back-office location; it’s now a driving force behind the bank’s most innovative technologies. “A decade or two ago, Frankfurt and London played this role. Now, that is shifting, ” Leukert concluded.
