UniCredit just struck a hefty 10-year deal with Google Cloud. The goal? To turbocharge its digital transformation using Google’s cloud, AI, and data analytics.
They’re moving a chunk of their existing systems, including some old technology, to Google Cloud across 13 countries. This shift includes using Google Cloud for their AI workloads, leveraging tools like Vertex AI and Gemini. With these advancements, UniCredit aims to roll out new services, enhance efficiency, and elevate customer experiences. They see AI helping in areas like investment banking insights, customer interactions, optimizing operations, and fighting financial crime.
Ali Khan, UniCredit’s group digital and information officer, described the partnership as a significant leap forward. He emphasized that it boosts their tech presence in crucial areas like AI, data management, and virtual infrastructure while ensuring strong cybersecurity. This collaboration promises to advance their operations and improve solutions for customers.
Back in 2021, UniCredit joined the European Cloud User Coalition, teaming up with other major financial players like Allied Irish Banks and ING Group to push for off-premise services in finance.
Google Cloud is gaining traction in the banking world as institutions shed outdated systems for modern tech. For example, Lloyds Banking Group recently tapped Google Cloud to enhance its AI systems, aiming for faster production and lower CO2 emissions. They’re using Vertex AI to create a machine learning platform for over 300 data scientists.
Commerzbank in Germany is on a similar path, expanding its partnership with Google Cloud through a five-year plan to move 85% of its applications to the platform by 2024. And Spanish bank BBVA is revamping its IT security with Google Cloud’s AI and machine learning tools to bolster defenses against cyber threats.
UniCredit’s CEO, Andrea Orcel, called this agreement a critical move toward shaping the future of banking in Europe. Ruth Porat, from Alphabet and Google, highlighted that AI offers huge chances for transformation and growth in business, promising economic benefits to those who seize its potential.