Deutsche Bank is blowing hot and cold with its fintech strategy.
Last fall, Germany's largest bank revealed plans for a digital bank, including dangling free accounts to attract a younger clientele. Shortly after Christian Sewing was installed in a rocky succession process last month, the Frankfurt-based lender has put the kibosh on those plans, news agency «Reuters» reports.
«Our German private and corporate client bank will not, as was previously announced, launch a new digital bank at the end of this year,» a spokesman told the newswire. Instead, Deutsche Bank harbors plans of a digital platform, and will provide further details in the fourth quarter.
While Deutsche isn't alone in burying its digital ambitions, Swiss firms are still pursuing the avenue. After Bank Cler launched the «Zak» app, the Hypothekarbank Lenzburg-partnered «Neon» app is poised to start as well.
