Deutsche Bank selects Thought Machine to support core system reduction
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Tierney - stock.adobe.com Deutsche Bank's private bank will use Thought Machine's cloud-based banking platform as it reduces core systems from 15 to two cloud-based platforms, after agreeing a 10-year deal. As part of its plan to simplify its private banking landscape, the German banking giant is adopting Thought Machine's Vault Core cloud-based banking software. The software from the Google-inspired UK fintech unicorn is the first of two core platforms to be chosen by Deutsche Bank's private bank, and will be its operation's core engine for banking and lending in personal banking and wealth management. "The platform will be used to modernise the bank's technology foundation, allowing Deutsche Bank to replace fragmented legacy systems, reduce complexity and accelerate time-to-market for new products through a more client-centric operating model," said a statement from the bank. Development work has already started on the software migration, and testing is planned towards the end of this year. Deutsche Bank will then migrate in phases, with existing systems and the new platform operating in parallel throughout the transition period. The bank plans to move products across to the cloud system from 2027 onwards. Christian Rhino, chief information officer at Deutsche Bank's private bank, said: "Modernising our core banking landscape is one of the most significant technology...
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