Deutsche Bank has chosen Thought Machine's Vault Core platform to replace legacy systems in its retail division.
Key facts
- •Deutsche Bank is consolidating its retail division's technology from 15 systems to two.
- •The bank selected Thought Machine's Vault Core platform as its new core banking system.
- •The transition is part of a multi-year effort to modernize the bank's infrastructure.
- •Previous integration efforts, specifically involving Postbank, led to customer service and account access issues.
Deutsche Bank announced on Thursday that it has selected a new core banking system as part of an effort to simplify its retail division's technology. The bank plans to reduce its current 15 legacy systems down to two.
Technology infrastructure transformation
The bank has chosen the Vault Core platform, developed by Thought Machine, to serve as its new core system. Core platforms are the central systems responsible for running a bank's various products and services. Deutsche Bank described the selection as an important milestone in its multi-year effort to transform its technology infrastructure.
Addressing past integration issues
This move follows previous technical difficulties at the bank, most notably a botched integration of Postbank. That incident resulted in customer complaints regarding account access and difficulties reaching call centers.
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This article was independently rewritten by ManyPress editorial AI from reporting originally published by Channel NewsAsia.
