Deutsche Bank in Munich. Credit: Ich fahre hummer.

Deutsche Bank has entered into a multi-year collaboration with software firm Oracle to accelerate its digital transformation.

The partnership will enable the German lender to upgrade its existing database systems as well as transfer most of its Oracle Database estate to an on-premises deployment option of the Oracle Exadata Cloud Service called Oracle Exadata Cloud@Customer.

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The move will help and scale the bank’s existing mission-critical systems and services. This includes regulatory reporting, trading, payments processing, risk and capital planning.

Additionally, the migration will help Deutsche Bank to consolidate existing critical applications on a single platform significantly reducing operational costs.

The two organisations have also agreed to form a joint innovation partnership.

The step will enable Oracle and Deutsche Bank engineering and technology teams work together to explore potential uses for data security technologies, blockchain, AI and analytics to develop new financial products and services.

Deutsche Bank chief technology, data and innovation officer Bernd Leukert said: “Our collaboration with Oracle to modernise our databases will play an important role in our overall technology transformation.

“Our applications supported by Oracle Exadata Cloud@Customer will benefit from a platform with the flexibility to adapt and scale critical services at speed, as well as derive better data insights.

“In the process, we will simplify and modernise our technology environment, save the bank significant costs and reduce energy consumption through consolidated servers.”

According to a Reuters report, the migration will take around three to five years. It is estimated to reduce Deutsche Bank’s total annual costs from €19.5bn in 2020 to €16.7bn by next year.