German banking major Deutsche Bank has set up a new innovation lab in Palo Alto, Silicon Valley.
The new lab will help the bank assess and apply emerging technologies from Silicon Valley to empower its products, services and internal processes.
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The lab, which follows the launch of similar facilities in Berlin and London last year, will enhance its ability to innovate and will facilitate its relationships with start-ups, the German lender said in a statement.
The three labs, dubbed Deutsche Bank Labs, are the digital element of the Bank’s Strategy 2020.
Deutsche Bank group COO Kim Hammonds said: "The Silicon Valley lab will help Deutsche Bank offer clients new and improved products and services, strengthen efficiency and deepen its relationships with the Valley’s innovation and investor communities."
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