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How The Cloud can help Financial Services, CIOs Create Business Value Through
By Colin Timm, Anz Country Manager, Google Cloud
Enhancing Security Given the sensitivity of the information they touch, financial services organizations must have complete control over their data.The introduction of hybrid and multi-cloud platforms, like Google Anthos, provides them with flexibility and choice. It allows them to move their workloads either on-prem or to another cloud provider. For example, a bank can choose to shift a workload to the cloud provider, to move it back to their on-premise system, or another provider altogether should they change their mind, all while having the same consistent set of security controls in place. We a so see financial services organizations use machine learning to enhance security. For providers, security is always top-of-mind, and a growing number are moving to the cloud to take advantage of the automation and scale it offers. With its ability to handle computer and data analytics at any scale, cloud computing accelerates the capabilities of machine learning. HSBC is using BigQuery to identify potential anti-money laundering cases faster and more accurately. Utilizing data analytics and machine learning, HSBC can inspect the volumes of data from the banking behavior of more than 38 million customers. It can then cross-reference customer actions and flag unusual activity for review. Productivity savings The cloud has also proven to be a massive game changer to streamline daily tasks. Financial institutions are seeing how they can leverage tools like machine learning APIs to improve productivity across the business — from intuitive chatbots to intelligent case routing — without the need to build and train their models. Case in point; ANZ, Australia’s third-largest bank by market capitalization, is leveraging Google Cloud’s big data analytics capabilities to drive productivity within the bank. It is using BigQuery as an automation tool, accelerating previously manual operations such as analyzing aggregated, de-identified credit card data - a process that used to take days, has been dramatically reduced to only seconds. Improves your credit score with customers In an age where the customer is king, banks are embracing the cloud to improve customer service. The insights derived from advanced data analytics are helping to fuel more personalized user experiences. ANZ is transforming the way it uses data to help its Institutional customers make strategic business decisions more quickly on issues like liquidity, risk and cash management, or strategic calls like store locations, inventory and market positioning. Take the first step When it comes to moving to the cloud, it’s still early days for many financial services organizations, but the urgency is there. For businesses to leapfrog the technology curve, now is the time to do an honest assessment of existing risks and see if the cloud can help mitigate them at scale.
The introduction of hybrid and multi-cloud platforms, like google anthos, provides them with flexibility and choice