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Google Cloud wins major FS deals

Google Cloud has used its annual Las Vegas event to unveil details of deals with big name financial services firms Citadel, Discover and Scotiabank.

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Google Cloud wins major FS deals


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Giant market maker Citadel has teamed up with Google Cloud to build the next-generation of its quantitative research technology platform.

Citadel Securities employs hundreds of quantitative researchers who scour vast volumes of market data to build models that accurately identify the price of thousands of financial securities. Researchers must conduct tests to validate how these models perform before they can go live.

The firm initially built an on-premises data centre and used high-performance hardware custom-built for running complex and data heavy simulations.

However, it is now moving its data and algorithm testing to Google Cloud. The firm can now spin up more than a million cores concurrently, enabling hundreds of quantitative researchers to run jobs in parallel, whilst slashing costs.

Separately, Discover Financial Services is working with Google Cloud to introduce generative AI technology into its customer care centres. Using Google Cloud's AI platform, Discover will give its nearly 10,000 agents tools for things such as intelligent document summarisation and real-time search assistance.

Szabolcs Paldy, SVP, operations, Discover, says: "By using Google Cloud's generative AI tools, we will raise the bar for customer support interactions, ensuring fast, personalized, and effective service every time."

Finally, Scotiabank has expanded its partnership with Google Cloud for customer and employee experience, security and help with the adoption of AI.

"Through our work with Google Cloud, we are bringing efficiencies across the business - streamlining processes, migrating platforms, modernising applications and data, and accelerating the delivery of enhanced capabilities," says Aris Bogdaneris, group head, Canadian banking, Scotiabank.

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