Deutsche Bank will hire over 3,000 techies this year to strengthen its technology centres in India, Russia, Romania and the US.

The bank would hire over 1,000 people in India including 300 engineering graduates of various disciplines from 30 different campuses of NITs and IITs. These freshers are expected to come on board in July.

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The bank has recently streamlined its global technology development landscape (which contained over 20 big, small and fragmented tech talent groups in over 60 countries) to ramp up focus through key tech locations such as Pune, Bengaluru, Moscow, St. Petersburg, Bucharest and Cary.

The company said it was consolidating teams where focused development of technology was going to come from, in the future.

As part of Deutsche Bank’s €13-billion digital transformation journey between 2019 and 2022, the bank is currently in the process of replacing its legacy IT systems with modern processes.

Dilipkumar Khandelwal, Global Chief Information Officer for Corporate Functions and Global Head of Technology Centres at Deutsche Bank told BusinessLine , “Retiring duplicated and outdated applications is estimated to deliver over €150 million of annual cost savings globally for Deutsche Bank by the end of 2022.”'

“Modernisation will mean we increasingly develop standard applications that can be used across the bank, not just in one business. We are also working to harmonise our data into a ‘single source of truth’ across the bank,” he said.

Deutsche Bank is also replacing its global pricing engine for emerging market currencies in London with one in Singapore, drawn by surging trading in Asia and the increasing importance of the Chinese yuan.

“Setting up a new and more powerful global pricing engine in the city-state will help the bank save vital fractions of seconds from the time it takes to execute orders in the region,” Khandelwal added.

The bank was looking at creating new business models leveraging artificial intelligence, data analytics, and more, with tech partner, Google.

“For example, new lending products will support “pay-per-use” models as an alternative to purchasing assets outright (asset-as-a-service),” he elaborated.

According to Khandelwal, digital transformation has enabled banks to leapfrog technology progress by investing and integrating modern solutions such as cloud and automation. This infrastructure also supported intelligent use of the data available within the bank to create better insights and decision-making.

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