Magellan comprises the entire IT infrastructure as well as
all of the clearing and settlement processes of Deutsche Bank's
private and business clients (PBC) unit in Germany.
The platform, based on technology from SAP, replaces decades-old
legacy systems and is a major plank of the bank's efforts to
integrate Postbank, in which a majority stake was acquired in
2010.
It will eventually provide the shared foundation for operating the
branches of both sides of the business "representing a further step
forward towards industrialising business processes and greater cost
efficiency".
Having moved savers, all PBC accounts and business processes in
Germany should be migrated step by step to Magellan by 2015. The
new platform will then be fully operational for the more than 2000
Deutsche Bank and Postbank branches, serving 24 million
customers.
The whole project is expected to cost EUR1 billion but, says
Deutsche Bank, the resulting IT simplification and standardisation
will create cost savings of around EUR200 million in 2012
alone.
Rainer Neske, Deutsche
Bank management board member responsible for PBC, says: "For
our clients, Magellan will result in a faster and more efficient
service as well as greater product quality. Magellan is a further
milestone in implementing our integration strategy for Postbank and
in establishing a retail banking powerhouse in Germany."