13 July 2012 16:24

Deutsche Bank has migrated five million savings customers onto Magellan, its new billion euro core banking platform.

504

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."

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
26 Aug
VWS
Til Euroinvestor administrator! Jeg må forlange at Administrator forbyder pjneumann at deltage i deb..
109
27 Aug
 
I gamle dage, var der et sted hvor man kunne aflevere disse ønsker, men jeg ved ikke hvor det er nu,..
58
30 Aug
VWS
  London baseret analytiker Pinaki Das fra Bank of America Merrill Lynch fik i denne uge skabt en st..
50
31 Aug
VWS
Normal 0 21 false false false DA X-NONE X-NONE ..
44
26 Aug
VWS
Skal vi ikke alle stoppe denne interne hån! Ingen kan lide at tabe penge, skulle vi ikke istedet giv..
40
01 Sep
OGZPY
Jeg vil gerne update forum om hvad der sker og hvad det kan medføre - Jeg befinder mig midt i Ukrain..
26
27 Aug
VWS
Hej kanonkaj   Er enig i, at der skal holdes en ordentlig tone... Men hvad synes du om ordlyden af o..
16
28 Aug
VWS
Et godt råd er ikke at overlade dine investeringer til anonyme "rådgivere" fra et forum som i den gr..
15
30 Aug
I:SP500
Jeg vil mene at vi er et sted imellem Relief og Optimism.   Med hensyn til dine punkter: All time h..
13
28 Aug
GEN
Gilead har med hepatitis-kuren Sovaldi fået sig en vaskeægte blockbuster, der i den grad hiver cash ..
13

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
ALK's partner Torii initiates final stage of clinical development of Japanese cedar SLIT-tablet
2
Novartis to unveil new data from three key clinical trials at European Respiratory Society International Congress 2014
3
Chiquita Sends Letter to Shareholders and Files Investor Presentation to Set Record Straight on Proposed Combination With Fyffes
4
Jimmie Johnson Crew Chief Chad Knaus Claims MOOG® 'Problem Solver' Honors at Atlanta
5
JLT Delivers over 70 Mobile Computers to One of the Largest Maritime Terminals in Poland
Euroinvestor around the globe: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
02 September 2014 22:12:43
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20140825.1 - EUROWEB2 - 2014-09-02 23:12:43 - 2014-09-02 22:12:43 - 1000 - Website: OKAY