Commerzbank chooses Google for cloud migration

Commerzbank will work closely with Google Cloud over the next five years as part of its digital transformation plan.

The bank said it is expanding its partnership with Google Cloud through a five-year strategic partnership. As part of that, we plan to move 85% of our applications to Google’s cloud platform by 2024.

Commerzbank recently announced that it will spend 1.7 billion on IT over the next four years for digitization and automation, while reducing its branch network from 790 to 450.

The multi-cloud approach continues to play a major role in the new strategy 2024. Commerzbank Chief Operating Officer Jrg Hessenmller said that one of the pioneers of this technology will benefit from Google Cloud’s extensive capabilities in infrastructure modernization and its data analytics and machine learning know-how. I will.

Commerzbank has been using Google Cloud services since 2017 and will be even more involved with a wider set of platform services to support the bank’s digital transformation. Using Google Cloud means that developers will follow a continuous integration and continuous delivery approach to make it faster and easier to build and maintain applications.

The company recently announced that it will close more than 340 branches and reduce 10,000 jobs as part of its digital transformation. This is the same as any other traditional bank announcement.

Cloud providers such as Amazon, Microsoft Azure, IBM Cloud, and Google Cloud are making significant profits in the financial services sector as traditional giant banks transform to digital in the face of an increasing number of digitally savvy competitors. ..

Google Cloud offers an on-demand cloud infrastructure and a wide range of tools and expertise not found in traditional banks.

For example, last year Deutsche Bank was working on an internal digital transformation using Google Cloud, working with suppliers to bring new customer services to market.

In the UK, Lloyds Banking Group has signed a five-year collaboration agreement with Google Cloud to drive software engineering and strengthen its digital transformation strategy.

Meanwhile, Spanish bank BBVA recently hired Google Cloud support to reinvent its IT security strategy with the goal of optimizing its infrastructure to withstand large-scale threats.

The ability to provide banking services in the way Google provides services is considered the Holy Grail of Digital Banking.

Banks have traditionally hired IT staff to work in-house, but the pace of change requires outsourcing to technology companies that can provide an on-demand cloud infrastructure with a portfolio of tools and expertise. there was.

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