Google Continues Works With Commerzbank On Cloud Adaptation

Google Cloud and Commerzbank will be expanding their partnership to help move a “significant amount” of Commerzbank’s operations to the cloud, according to a press release Monday (March 29).

This will be a continuation of the digital transformation the company has been going through since 2017.

Commerzbank, according to the release, is using cloud technology more and more as a way to bring new products and customer experiences quicker to the market and bolster the performances of its systems. Operating costs will also be cut down.

With the improvements, Commerzbank is looking to boost its digital transformation further along to its eventual goal of running 85 percent of its decentralized applications on the cloud by 2024.

Commerzbank customers are already making use of the “Digitale Kontoanalyse,” or “digital account analysis,” application, the release said. This application will offer digital analyses that lets the bank and customers work together to help loan applications process more quickly.

The application will also allow the creation of balance sheets for income and expenses for every customer account and better tracking of historical financial data to let customers optimize their income and expenditures behavior over time.

“In our new ‘Strategy 2024,’ a multicloud approach continues to play a major role,” said Jörg Hessenmüller, chief operating officer and member of the board of managing directors of Commerzbank. “We will benefit from Google Cloud’s extensive capabilities in infrastructure modernization 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.”

Manfred Knof, Commerzbank’s new CEO, made changes after entering his job earlier this year, including moving around leadership and cutting jobs directly below the management board.

The staff reductions, including Stephan Muller, divisional board member of transaction banking, were part of Knof’s way of redoing the company and reducing costs.