FRANKFURT, Aug 27 (Reuters) – Deutsche Bank said on Thursday that it has made progress in simplifying legacy technology at its retail division. • Specifically, the bank has chosen a new so-called core banking system as it seeks to reduce 15 systems to two. • The bank said it is “an important milestone in the […]
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Deutsche Bank cites progress in technology revamp at retail division
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FRANKFURT, Aug 27 (Reuters) – Deutsche Bank said on Thursday that it has made progress in simplifying legacy technology at its retail division.
• Specifically, the bank has chosen a new so-called core banking system as it seeks to reduce 15 systems to two.
• The bank said it is “an important milestone in the multi-year transformation of its technology infrastructure.”
• It follows past stumbles that included a botched integration of Postbank, which left customers complaining that they were locked out of their accounts and unable to reach call centres.
• The system Deutsche Bank has chosen is Thought Machine’s Vault Core platform.
• The core platforms are central systems that run the bank’s products and services.
(Reporting by Tom SimsEditing by Linda Pasquini)