Deutsche Bank entered a multi-year, strategic partnership with Google Cloud to develop a new generation of financial services using artificial intelligence, machine learning and data science.

Deutsche Bank will use the partnership to upgrade its legacy systems to deliver a range of services which may include cash flow forecasting for treasury clients, enhanced risk analytics and digital security to protect client accounts.

"The partnership with Google Cloud will be an important driver of our strategic transformation," Christian Sewing, CEO of Deutsche Bank, said in a release from Google Cloud. "It demonstrates our determination to invest in our technology as our future is strongly linked to successful digitization."

Deutsche Bank initiated an extensive due diligence period back in February and invited a number of cloud services providers to make proposals to the bank as part of its multi-vendor cloud strategy.

"For more than 150 years, Deutsche Bank has been an industry pioneer, with a strong record of innovation in the financial services sector," Sundar Pichai, CEO of Google and Alphabet, said in the release. "We're excited about our strategic partnership and the opportunity for Google Cloud to be helpful to Deutsche Bank and its clients as they grow their business and shape the future of the financial services industry."