CaixaBank partners with Google Cloud

Monday 22 May 2023 10:51 CET | News

CaixaBank, a Spain-based financial institution, has partnered with Google Cloud to accelerate the bank's transition to the cloud and drive innovation using data and analytics technologies.

The bank will use Google Cloud's cloud computing, data analytics, and artificial intelligence (AI) capabilities to build new services for its clients and accelerate the organisation's digital transformation as part of the partnership.

CaixaBank, a Spain-based financial institution, partners with Google Cloud to accelerate the bank's transition to the cloud.

CaixaBank's collaboration with Google Cloud is a key component of the bank's cloud-based strategy aimed at improving data analysis and leveraging AI and machine learning (ML) technology, as it is a key tool for driving the customisation of commercial offerings and improving customer relationships. Furthermore, data analytics has enormous potential in decision-making and the development of new goods and services.

CaixaBank will also investigate the usage of Google Cloud technologies to assist its sustainability goal as part of the deal. The bank will benefit from better analytical capabilities while adhering to tight compliance requirements and data protection and privacy regulations thanks to Google Cloud's sustainable architecture, which is built on smart and efficient data centers, and its secure cloud strategy.

The benefits of Google Cloud

Financial services firms manage and retain massive amounts of data, including structured customer data and other information obtained directly from customers, as well as unstructured data mined from the internet and other sources. More data implies greater insights, but owing to the complexity of managing traditional data warehouses, most of this data remains underutilized.

Google Cloud provides a wide range of AI and ML solutions aimed towards developers, analysts, and other non-data scientist users. These models may be adjusted further based on location or any other characteristics desired by the analyst by accessing Google's collection of public datasets, which includes weather data, COVID-19 monitoring, and more.

Furthermore, Google Cloud only accesses customer data when strictly essential to fulfill its contractual responsibilities, such as when resolving a technical or security issue. Internal technological controls in GCP require any workers who access client material to show a sufficient business rationale, and Google conducts frequent audits to verify that these access rules are followed.

The benefits of AI and ML for banks

AI and ML technologies help banks to automate and simplify procedures, resulting in higher efficiency and lower operating costs. Data input, fraud detection, and credit underwriting are examples of tasks that may be automated, freeing up important time for bank workers to focus on more sophisticated and strategic operations. Banks may achieve quicker transaction processing, reduce mistakes, and provide a more smooth and efficient client experience by integrating AI and ML.

Second, AI and ML enable banks to make data-driven choices and obtain useful insights. These technologies, which can analyse massive volumes of data in real-time, provide banks with a better knowledge of client behaviour, risk patterns, and market trends. This allows banks to enhance their risk management skills, provide personalised financial products and services, and improve overall decision-making processes. Banks can detect possible risks and opportunities, optimise portfolio management, and provide personalised advice to consumers by employing AI-powered predictive analytics.

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Keywords: cloud, partnership, banks, financial institutions, data
Categories: Banking & Fintech
Companies: CaixaBank, Google Cloud
Countries: Spain
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Banking & Fintech



Google Cloud

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