Deutsche Bank has opened its digital factory in Frankfurt to discover and evaluate new ideas, and translate these ideas into real products and services for its clients.

The facility currently houses about 400 software developers, IT specialists and financial experts from 14 nations. Plans are on to double the headcount by 2018, the bank said.

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It also hosts 50 additional workstations reserved for fintech startups.

Deutsche Bank head, private, wealth and commercial clients corporate division Christian Sewing said: "Today's opening of the Digital Factory is a further milestone on Deutsche Bank's journey to become a technology company. We don't want to be driven by digitalisation; we want to be in the driver's seat. The number of successful players in the banking industry will fall. Only the fastest among them will gain market share."

The bank has also signed a partnership deal with the Massachusetts Institute of Technology to foster new ideas.

Deutsche Bank member of the management board and group COO Kim Hammonds said: "The Digital Factory is the nucleus where we are designing and executing in an agile setting. The focus of our technologists and engineers is on speed and implementation, which means short development cycles. This agile approach is essential in today’s dynamic and fast changing world."

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The German banking group has similar technology centres in New York, London and Berlin. The launch of the Frankfurt factory comes months after the company scrapped its plan to open a digital bank in the US.