Japan's Mizuho is to move into the banking-as-a-service market and re-engineer its operations through an alliance with Google Cloud.
Mizuho says the BaaS aspect will "create and curate new digital products and services that appeal to customers at scale".
At the customer level, the transition to Google Cloud will also offer more advanced analytical capabilities for driving personalised customer services. The shift to the cloud will additionally help to modernise the bank's systems for increased security and agility.
Masahiro Kihara, president & group CEO, Mizuho, says: “The global spread of Covid-19, along with megatrends such as digitalisation, the aging population, and globalisation, have led to significant changes in our lifestyles and economies. To deliver on the needs of our customers in this new era, we’re working with Google to enhance our operational capabilities, innovate across our online and mobile channels, and transform our corporate culture."
The deal comes months after Mizuho Financial Group CEO Tatsufumi Sakai was forced to resign after Japan's banking regulator hit the firm with a business improvement order related to a series of systems glitches.