Deutsche named Best Global Internet Bank

Deutsche was recently named Best Global Internet Bank at an awards ceremony hosted by Global Finance in New York on 17 July. More than 100 bankers and financial service providers, representing 48 institutions from 30 countries, attended the event to honour the world's best foreign exchange and trade finance banks and service providers.

Last year Deutsche Bank unveiled a bold internet strategy with a yearly budget of EUR 1 billion devoted to e-commerce initiatives starting in 2001. Market insiders believe that Deutsche's strategy of forming alliances to improve its online capabilities and acquire new customers is paying off. Before launching new e-commerce efforts, financial institutions such as Deutsche Bank ask what products the marketplace wants, deciding whether they can effectively deliver them or not, and figuring out if they can make money or reduce costs with the e-services.

According to Meridien Research, banks spent USD 209 billion on IT in 2000, or 8.5% more than the previous year. Although it is unlikely a similar increase will occur this year, one trend that is taking shape is the shift of IT budgets towards corporate and institutional Internet services.

Another unmistakable trend which has emerged, reported Global Finance, August 2001, is that the banks that have succeeded offline are now leveraging their well-built relationships and resources to succeed online as well. Deutsche Bank, named Best Global Internet Bank is leveraging global relationships with other large banks, software makers, and technology vendors to form alliances that boost their online product lines and win new clients. In the process Deutsche, believed by many to be the world's most aggressive bank in participating in global online consortiums, is gradually moving its vast existing customer bases online. Ultimately, as in the case of Deutsche Bank's recent accolade, e-commerce leadership is mirroring off-line leadership.