Deutsche Bank AG has opened a new center in New York to work with financial technology start-ups that can help it improve its technology. Based in Lower Manhattan's Fulton Center, the lab's team will help the bank deploy technology in artificial intelligence, cloud and cyber security and other areas, the German bank said on Tuesday.
Financial terms were not disclosed. Deutsche Bank is Germany's largest lender. Banks have been increasingly looking to start-ups for technology that can help them manage a stream of business and regulatory challenges. But entrepreneurs say one of the biggest challenges they still face is cutting through banks' procurement processes, which are demanding and lengthy. It is also difficult for entrepreneurs to figure out whom to approach within a large organisation that might employ thousands.
To facilitate collaboration, Deutsche and other banks have launched initiatives over the past few years, from corporate venture arms that back start-ups, to innovation centers. The Fulton Center site is the fourth innovation lab recently set up by Deutsche Bank in an attempt to provide points of entry for smaller companies looking to work with its various divisions.
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