Deutsche Bank’s Private Bank reaches technology transformation milestone
Deutsche Bank’s Private Bank has reached an important milestone in the multi-year transformation of its technology infrastructure, advancing the strategic priorities announced at the end of 2025 as part of Deutsche Bank’s new strategic cycle which runs until the end of 2028. At that time, the bank announced plans to simplify the Private Bank’s global banking landscape by reducing the number of core banking systems from 15 to two modern, cloud-based platforms. The first of these two platforms has now been selected.
To support this transformation, Deutsche Bank’s Private Bank has selected Vault Core, the cloud-native core banking platform developed by financial technology company Thought Machine. It will serve as the core banking engine for all banking and lending products in Germany across both Personal Banking and Wealth Management. The platform will be used to modernise the bank’s technology foundation, allowing Deutsche Bank to replace fragmented legacy systems, reduce complexity, and accelerate time-to-market for new products through a more client-centric operating model. It will support the Private Bank's strategic objectives of driving operating leverage in Personal Banking while providing a scalable platform to support continued growth in Wealth Management.
Yiping Li, Chief Operating Officer of Deutsche Bank’s Private Bank, said:
“With the selection of our future core banking platform, we are now turning strategy into execution. Modernising our core banking infrastructure will help us simplify our technology landscape, reduce complexity and create a more scalable foundation for future growth. Ultimately, this transformation is about delivering a better experience for clients and employees while strengthening the foundations of our business for the years ahead.”
Development work is already underway, with testing planned as one of the key milestones towards year-end. The migration will then be carried out in phases, with existing systems and the new platform operating in parallel throughout the transition period. Products will be migrated progressively from 2027 onwards, supporting a controlled and stable migration while ensuring operational resilience and continuity of service.
Christian Rhino, Chief Information Officer of Deutsche Bank’s Private Bank, said:
“Modernising our core banking landscape is one of the most significant technology transformations currently underway in the Private Bank. Vault Core provides a modern, cloud-native foundation that enhances resilience, scalability and flexibility. By separating product logic from underlying infrastructure, we will be able to develop, adapt and deploy products more efficiently over time, while progressively reducing reliance on fragmented legacy systems.”
Paul Taylor, CEO and founder of Thought Machine, said:
"Deutsche Bank is setting a clear precedent for how major international banks can modernise their core infrastructure. Replacing disjointed legacy systems with a modern architecture gives the bank the real-time capability needed to streamline operations, strengthen system reliability, and deliver superior customer experiences at scale. We are delighted to enter into this decade-long partnership."
For the implementation of the platform, Deutsche Bank has selected GFT as transformation and system integration partner for Vault Core, leveraging GFT's extensive experience as a delivery partner for Thought Machine implementations worldwide.
Christopher Ortiz, Group Executive Board Member and Chief Executive Global Accounts & Offerings, GFT Technologies:
“Modernizing core banking is a foundational step in any bank's technology transformation. Together with Deutsche Bank and Thought Machine, we are helping build a modern, scalable platform that supports innovation, operational efficiency and future growth, while creating the technology foundation to harness the potential of AI.”
As part of its multi-year transformation, Deutsche Bank’s Private Bank plans to invest around EUR 600 million in IT, operations and artificial intelligence by the end of 2028. The programme is expected to deliver annual run-rate savings of around EUR 300 million by 2028 while simplifying and modernising the bank’s technology landscape.
Questions and answers
What is a core banking platform?
A core banking platform is one of the central technology systems a bank uses to run everyday banking products and services. It supports key processes such as opening and managing accounts, deposits and lending products. In simple terms, it is part of the “engine room” that enables many banking services to operate reliably in the background.
Why is Deutsche Bank modernising its core banking platform?
Deutsche Bank is modernising the core banking infrastructure of its Private Bank to simplify its technology landscape, replace fragmented legacy systems and create a more scalable foundation for future growth. The transformation is intended to support more efficient product development, strengthen operational resilience and improve the experience for clients and employees.
What is Vault Core and how will Deutsche Bank use it?
Vault Core is a cloud-native core banking platform developed by Thought Machine. Deutsche Bank’s Private Bank plans to use it as the core banking engine for banking and lending products in Germany across Personal Banking and Wealth Management. Its configurable architecture separates product logic from the underlying platform, enabling products to be developed and adapted more efficiently over time.
How does the new core banking platform fit into Deutsche Bank’s strategy?
The new core banking platform supports Deutsche Bank’s strategic priorities through 2028 by simplifying and modernising the Private Bank’s technology landscape. It is part of a broader programme to reduce the number of core banking systems from 15 to two modern, cloud-based platforms. The transformation is intended to improve operating efficiency in Personal Banking, provide a scalable foundation for growth in Wealth Management and enhance the experience for clients and employees.
___________________
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in the most recent SEC Form 20-F under the heading “Risk Factors”. Copies of this document are readily available upon request or on the investor website.
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Deutsche Bank’s Private Bank has reached an important milestone in the multi-year transformation of its technology infrastructure, advancing the strategic priorities announced at the end of 2025 as part of Deutsche Bank’s new strategic cycle which runs until the end of 2028. At that time, the bank announced plans to simplify the Private Bank’s global banking landscape by reducing the number of core banking systems from 15 to two modern, cloud-based platforms. The first of these two platforms has now been selected.
To support this transformation, Deutsche Bank’s Private Bank has selected Vault Core, the cloud-native core banking platform developed by financial technology company Thought Machine. It will serve as the core banking engine for all banking and lending products in Germany across both Personal Banking and Wealth Management. The platform will be used to modernise the bank’s technology foundation, allowing Deutsche Bank to replace fragmented legacy systems, reduce complexity, and accelerate time-to-market for new products through a more client-centric operating model. It will support the Private Bank's strategic objectives of driving operating leverage in Personal Banking while providing a scalable platform to support continued growth in Wealth Management.
Yiping Li, Chief Operating Officer of Deutsche Bank’s Private Bank, said:
“With the selection of our future core banking platform, we are now turning strategy into execution. Modernising our core banking infrastructure will help us simplify our technology landscape, reduce complexity and create a more scalable foundation for future growth. Ultimately, this transformation is about delivering a better experience for clients and employees while strengthening the foundations of our business for the years ahead.”
Development work is already underway, with testing planned as one of the key milestones towards year-end. The migration will then be carried out in phases, with existing systems and the new platform operating in parallel throughout the transition period. Products will be migrated progressively from 2027 onwards, supporting a controlled and stable migration while ensuring operational resilience and continuity of service.
Christian Rhino, Chief Information Officer of Deutsche Bank’s Private Bank, said:
“Modernising our core banking landscape is one of the most significant technology transformations currently underway in the Private Bank. Vault Core provides a modern, cloud-native foundation that enhances resilience, scalability and flexibility. By separating product logic from underlying infrastructure, we will be able to develop, adapt and deploy products more efficiently over time, while progressively reducing reliance on fragmented legacy systems.”
Paul Taylor, CEO and founder of Thought Machine, said:
"Deutsche Bank is setting a clear precedent for how major international banks can modernise their core infrastructure. Replacing disjointed legacy systems with a modern architecture gives the bank the real-time capability needed to streamline operations, strengthen system reliability, and deliver superior customer experiences at scale. We are delighted to enter into this decade-long partnership."
For the implementation of the platform, Deutsche Bank has selected GFT as transformation and system integration partner for Vault Core, leveraging GFT's extensive experience as a delivery partner for Thought Machine implementations worldwide.
Christopher Ortiz, Group Executive Board Member and Chief Executive Global Accounts & Offerings, GFT Technologies:
“Modernizing core banking is a foundational step in any bank's technology transformation. Together with Deutsche Bank and Thought Machine, we are helping build a modern, scalable platform that supports innovation, operational efficiency and future growth, while creating the technology foundation to harness the potential of AI.”
As part of its multi-year transformation, Deutsche Bank’s Private Bank plans to invest around EUR 600 million in IT, operations and artificial intelligence by the end of 2028. The programme is expected to deliver annual run-rate savings of around EUR 300 million by 2028 while simplifying and modernising the bank’s technology landscape.
Questions and answers
What is a core banking platform?
A core banking platform is one of the central technology systems a bank uses to run everyday banking products and services. It supports key processes such as opening and managing accounts, deposits and lending products. In simple terms, it is part of the “engine room” that enables many banking services to operate reliably in the background.
Why is Deutsche Bank modernising its core banking platform?
Deutsche Bank is modernising the core banking infrastructure of its Private Bank to simplify its technology landscape, replace fragmented legacy systems and create a more scalable foundation for future growth. The transformation is intended to support more efficient product development, strengthen operational resilience and improve the experience for clients and employees.
What is Vault Core and how will Deutsche Bank use it?
Vault Core is a cloud-native core banking platform developed by Thought Machine. Deutsche Bank’s Private Bank plans to use it as the core banking engine for banking and lending products in Germany across Personal Banking and Wealth Management. Its configurable architecture separates product logic from the underlying platform, enabling products to be developed and adapted more efficiently over time.
How does the new core banking platform fit into Deutsche Bank’s strategy?
The new core banking platform supports Deutsche Bank’s strategic priorities through 2028 by simplifying and modernising the Private Bank’s technology landscape. It is part of a broader programme to reduce the number of core banking systems from 15 to two modern, cloud-based platforms. The transformation is intended to improve operating efficiency in Personal Banking, provide a scalable foundation for growth in Wealth Management and enhance the experience for clients and employees.
___________________
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
Forward-looking statements
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement.
Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission.
Such factors are described in detail in the most recent SEC Form 20-F under the heading “Risk Factors”. Copies of this document are readily available upon request or on the investor website.
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