Commerzbank’s Google Cloud Enabled Digital Transformation
(31 March 2021 – Europe) Commerzbank’s partnership with Google Cloud has been extended into a five-year engagement to strategically build out the German bank’s digital transformation plans. The five-year plan is to move a larger number of banking applications to the cloud through Google Cloud’s network.
These developments are a continuation of the bank’s initial partnership and digital transformation strategy with Google Cloud underway since 2017. Commerzbank aims to bring new banking products to market and run at least 85 percent of its decentralised applications in the cloud by 2024.
"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 modernisation, 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” commented Commerzbank Chief Operating Officer, Jorg Hessenmuller.
“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” commented Google Cloud Vice President, Daniel Holz.