Deutsche Bank cites progress in technology revamp at retail division

FRANKFURT, Aug 27 : Deutsche Bank said on Thursday that it has made progress in simplifying legacy technology at its retail division.

• Specifically, the bank has chosen a new so-called core banking system as it seeks to reduce 15 systems to two.

• The bank said it is "an important milestone in the multi-year transformation of its technology infrastructure."

• It follows past stumbles that included a botched integration of Postbank, which left customers complaining that they were locked out of their accounts and unable to reach call centres.

• The system Deutsche Bank has chosen is Thought Machine's Vault Core platform.

• The core platforms are central systems that run the bank's products and services.