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Deutsche Bank has expanded its relationship with Indian IT services firm HCL beyond application maintenance and support.
The latest contract will see HCL provide digital services, systems integration and product implementation and will design, build and test new applications.
HCL will also improve existing applications such as corporate banking and securities, global transaction banking, asset and wealth management, and risk, finance and back-office operations across the German banking group.
“In today’s challenging business environment, IT applications - especially governance, risk and compliance applications - need to be highly reliable, scalable, and continuously optimised in order to deliver world-class experience to our customers,” said Kim Hammonds, CIO at Deutsche Bank. “HCL is a longstanding partner, and we believe HCL’s applications development and maintenance expertise and deep industry knowledge will create significant business impact for us.”
The two companies have an established relationship which includes digital work. In November 2014, Deutsche Bank sets up a lab with IT suppliers – including HCL Technologies – to improve its digital credentials.
In April 2015 Deutsche Bank said it would spend up to €1bn on digital technology over the next three to five years, following the modernisation of its core banking platform.
The bank plans to invest in digital technology across the entire business to win new business, make its operation more efficient and offer new products.
Peter Schumacher, CEO at business consultancy The Value leadership Group, said the work that HCL does with Deutsche Bank goes beyond technology. “They have a long relationship which goes back to when HCL acquired a Deutsche Bank captive centre in India in 2004.
“Banks are complex organisations and they need partners that are not just technology suppliers but understand their inner workings.”
Read more about Deutsche Bank IT
- Deutsche Bank is spending up to €1bn on digital technology over the next three to five years following the modernisation of its core banking platform.
- Deutsche Bank may separate as it restructures, with bank executives said to prefer a spin-off and stock market listing of retail operations.
- Deutsche Bank has appointed its first chief data officer, with former BT tech executive JP Rangaswami taking on a role to standardise information management to support the bank’s digital strategy.
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