Commerzbank and Google Cloud announce five-year collaboration
By Megha Bhattacharya
Google Cloud and German commercial bank Commerzbank today announced the expansion of their collaboration with a new five-year strategic partnership. Commerzbank will be moving a significant number of its banking applications to the cloud and boost the development of its cloud transformation organization.
“In our new ‘Strategy 2024’, a multi-cloud approach continues to play a major role. We will benefit from Google Cloud’s extensive capabilities in infrastructure modernization, as well as from its know-how in data analytics and machine learning, as one of the pioneers of this technology. As we move to the cloud, Google Cloud is an important strategic partner,” said Jörg Hessenmüller, Chief Operating Officer (COO) and member of the Board of Managing Directors of Commerzbank.
Commerzbank customers are already using the first application developed on Google Cloud Platform—the “Digitale Kontoanalyse,” i.e. the “digital account analysis”. This application provides benefits for banking customers and Commerzbank employees, including digital account analysis, which enables the bank and customers to work together to process loan applications more quickly, creation of accurate balance sheets of income and expenses for each customer account and better tracking of historical financial data, so that customers can optimize their income and expenditures behaviour over time.
“We are excited to work with Commerzbank to help the bank digitally transform. This partnership means that Google Cloud not only satisfies the high regulatory requirements of the financial sector but we also cooperate on industry-wide initiatives such as the Collaborative Cloud Audit Group to provide verifiable transparency against important compliance standards in the financial services industry,” said Daniel Holz, vice president, EMEA North Region at Google Cloud.
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