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Deutsche India, which houses the technology center of Deutsche Bank, has come into focus after a global decision to have 70% of the technology workforce in-house and break up the legacy monolithic IT system. The bank’s $15 billion tech upgrade plan involves partnering Google to move to a flexible cloud architecture and joining hands with Microsoft and Nvidia to use artificial intelligence and machine learning to utilize data.
An outcome of this tech strategy is that India, the nerve center of the bank’s technology development, now accounts for 45% of the bank’s tech workforce, up from a third a couple of years ago. “We have issued offer letters to 5,000 professionals this year and will continue recruiting,” said Dilipkumar Khandelwal, CEO of Deutsche India and the global head of technology centers. Currently, Deutsche Bank has a headcount of close to 20,000 people in India and accounts for a fifth of the bank’s total workforce.
Of the total staff in India, most are based in Pune, followed by Bengaluru Mumbai and Jaipur.
According to Khandelwal, Deutsche India is not a global capability center like those of many multinationals in India, but an integral part of the parent, helping to run the bank and also driving transformation through emerging technologies to deliver innovative products and services to clients worldwide.
Deutsche India showcases the bank’s in-house technology through the ‘Bank on Tech‘ events to demonstrate how technology is being used to solve specific business challenges. “The event acts as a platform for crowdsourcing and building connections across the bank’s global operations,” said Khandelwal.
Khandelwal says that most of the hiring is in Bengaluru because of the increasing number of tech roles and the ecosystem in the city. Besides being the CEO of Deutsche India and the global head of the bank’s technology centers, Khandelwal is also the MD and global chief information officer for corporate functions.
Before joining Deutsche in 2019, Khandelwal was the managing director for the tech giant SAP Labs in India for close to 19 years. Post-pandemic, Deutsche India continues to have a flexible work structure where employees are expected to turn up at the office a few days a week.
Khandelwal’s entry in Deutsche followed the bank’s decision to go through a strategic overhaul, which included a massive investment in technology and systems. The overhaul has helped the bank improve its performance, Last year the bank said its net profit more than doubled year on year to € 5.7 billion, which was also the highest since 2007
“The legacy systems of banks have been built over a hundred years. Over the years, banks have had to adapt to the changing needs of their clients. The technology disruption for banks is far from over. After the pandemic, many businesses have changed the way they manage their supply chains and transact with their stakeholders, and banks have to adapt to these changes,” said Khandelwal.
Telecoms companies argue that Alphabet’s Google, Meta’s Facebook, Netflix, Microsoft and Amazon should bear some of the high-speed network rollout costs because they make up a huge part of internet traffic.
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