German banking group Deutsche Bank has opened a data lab in Dublin, Ireland, known as The Hive.

The new lab will be a global centre of excellence, housing data science, visualisation, analytics and technology specialists, the German lender said.

The staff will make use of advanced data tools and techniques to support the bank’s initiatives.

The launch of the lab has resulted in the creation of 40 new jobs, Deutsche Bank said. Plans are on to add an additional 125 technology and operational roles in the future.

Deutsche Bank group COO Kim Hammonds said: “This data lab will generate insights that will enable us to understand and serve our clients better. It will also enhance our ability to comply with regulatory requirements, further strengthen controls and reduce costs.”

Deutsche Bank offers commercial and investment banking, retail banking, transaction banking and asset and wealth management products and services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals.

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The bank is currently insourcing critical technology capabilities, automating processes and using data to tailor customers’ products and services as part of Strategy 2020.