Google Cloud to develop quantitative research and genAI capabilities for three new industry takers


Google Cloud has extended its technology to three new financial institutions in a fresh boost for the industry’s digital capabilities.

The vendor announced the developments at its Google Cloud Next event, which is being held in Las Vegas this week.

The first of these deals concerns US-based capital markets firm Citadel Securities, which has expanded its seven-year relationship with Google Cloud to build out its quantitative research platform.

Claiming to execute $400 billion in trades a day, the market maker’s new platform will include features that enable its researchers to profile performance, monitor efficiency and increase its research productivity and price-performance ratio.

Also set to expand its partnership with Google Cloud is Scotiabank in Canada, which began working with the vendor in 2021 and will now use its Vertex AI solution to power its exploration of large language models (LLMs) and generative AI.

These developments are intended to enhance the bank’s security and client experience through a chatbot for customers at the front end, and an LLM-driven search tool for employees.

Discover Financial Services is also leveraging Google Cloud in its application of AI, and thus forms the vendor’s third announcement in this series.

The US-based digital banking and payment services company is also tapping its Vertex AI solution to introduce generative AI capabilities to its contact centres.

The integration is expected to equip agents with real-time search assistants, enhanced self-service options and tools for intelligent document summarisation early this year.

The deals together signify the increasing appetite for cloud capabilities within the industry and follow a string of deals announced by the vendor in recent months.

The most notable of these include its latest agreement to drive the digital transformation of Malaysia’s Bank Muamalat, and its new multi-year partnership with TD Bank in Canada, which it announced earlier this month.