Germany's biggest lending firm, Deutsche Bank is aiming to have three tech labs this year with locations in Berlin, London and Silicon Valley. 

Reports indicate that the labs' main purpose is to speed up the development of technology and innovation on supposedly "fintech" companies aimed at helping the bank, its clients and other banking sectors.

Currently, Deutsche bank is said to be struggling with its technology in banking infrastructures, a reliable source told Reuters, and investing on such tech firms will help them substantially.

Earlier this year, the huge lending firm had already unveiled plans in modernizing their technology and has started screening hundreds of "fintech" companies.

Choosing the right firms to invest in, is like going through a needle in a haystack, as most of these companies are still start-ups. Some of which have expressed interest in developing the bank's security payments, as well as providing efficient banking processes and software applications.

The bank views it necessary to improve its technology i order to speed up its investment plans, as it hopes to have all three "fintech" companies up and running by the end of the year. However, the bank has not yet confirmed how much money it plans to allocate for such investment.

In a related report, American Express had also recently launched a tech lab located in Palo Alto, California aimed at developing improvement on "mobile infrastructure and cloud computing", designed to streamline its credit card processes.

Not to be outsmarted, Swiss Bank UBS and Commerzbank, which are both known competitors of Deutsche Bank have already begun similar investment initiatives to improve their banking technology for their clients. The move does not come as a surprise to the public, as most lending firms in the banking sector have reported to have fallen behind on tech advances, following the financial crisis.