Deutsche Bank to Launch Tech Innovation Labs

The Frankfurt-based firm will open labs, which will be known as Deutsche Bank Labs, in Berlin, London and Silicon Valley with Microsoft, HCL and IBM, respectively. All three will be operational by the beginning of the last quarter of 2015.

"Technology is transforming banking and innovation is one of Deutsche Bank's core values," said Henry Ritchotte, chief operating officer and chief digital officer of Deutsche, in a statement. "These labs will act as a bridge between start-ups and different parts of the bank, enabling it to apply innovative technology to enhance service to clients and internal processes."

The labs are part of Deutsche's Strategy 2020, in which the firm plans to spend €1 billion on digital initiatives over the next five years.

The labs will engage with start-ups and academic institutions, evaluating technology solutions. The appropriate products will then be developed further in the labs.

The technology partners will contribute resources, expertise and relationships. The goal is for all the labs to evaluate over 500 start-up ideas a year.