Deutsche Bank plans to migrate significant parts of its core banking system to Google Cloud after the two signed a 10-year contract Friday. The companies also will be working on developing products such as retail apps and new lending offerings under the deal, while selling some of the technologies they create and splitting the revenue.
- It's not clear yet how much of the bank's system will migrate over to Google Cloud, however. Deutsche Bank's chief technology, data, and innovation officer says it depends on “legal, regulatory and data privacy considerations."
- Only Deutsche Bank will be able to possess and manage keys to decrypt the data it transfers to the cloud. The company will also be able to choose the data region for app deployment.
- Deutsche Bank plans on making a total return on investment of $1.2B through the alliance.