The first German bank Deutsche Bank announced Tuesday a partnership with Google for the management of data on the “cloud” and to develop innovative financial products, in this market where Europe is still struggling to impose itself. ” With this partnership, Deutsche Bank will have access to cutting-edge technologies in the field of data management, artificial intelligence and machine learning ”, indicated the bank, confronted for several years with great technological difficulties of its internal systems, considered old, and which thus hopes to solve them. ” It will also allow innovations between the two companies to create a new generation of financial products ”, according to Deutsche Bank.
The traditional banking sector is in fact increasingly challenged by online payment companies and is seeking to catch up in this area. Deutsche Bank also comes out of several years of losses. The “cloud”, a dematerialized data storage technology, as well as the tools for processing this digital data, are considered as a breeding ground for future growth for many economic sectors, including the banking sector.
Cloud act and Gaia-X
But the dominance of US giants like Amazon, Microsoft and Google is causing concern in Europe. They were reinforced in 2018, when the American Congress adopted the “Cloud act”, allowing the government to ask “cloud” providers to communicate the data they host, even when they are located outside the United States. In 2019, France and Germany presented Gaia-X, a project where European companies can find “cloud” services that meet a number of European criteria and standards.
The project could experience a boost in the next six months because Germany has designated this subject as one of the priorities of its biannual presidency of the European Union, which began in July.