The expectations of financial services customers are changing rapidly. Meeting those expectations happens through data-driven business transformation. But, being able to adapt quickly while also meeting security and compliance needs is a tricky business. Google Cloud Platform (GCP) makes this easy with opportunities to grow revenue, reduce costs and manage risk and compliance.
Paving the way for Fintech
Just as it took the world by storm with its now-ubiquitous search engine, Google has become immersed in the Cloud. The disruptive nature of the company is why it is a leading force in the financial services industry. Heavyweights in the sector like Goldman Sachs, Deutsche Bank, PayPal, and Charles Schwab are all customers. These organizations rely on GCP for risk mitigation, the democratization of services, high-frequency, low latency securities trading, and creating better end-user experiences.
Google’s history of being creative and innovative has gone a long way with financial services companies by providing them with the confidence and ability to handle demand quickly and efficiently. This assuredness is critical for an industry where milliseconds can matter.
Cloud Is an Escape Vessel From the Monolithic Mindset
Let’s face it, banks and other financial institutions are monolithic. Even though so much of their strategy in the modern age demands agility, size and volume of business hamper this. Each organization may serve millions of customers and process billions of records every single day. The data derived from those interactions and transactions are the corpus of these organizations. The sheer magnitude of this data, however, presses the limits of on-premises data warehouses. The result is poor customer experiences internally and externally.
Nearing or reaching capacity is not an unfamiliar story in the financial services industry. The advent of FinTechs, or companies that are integrating technology into financial services, are looking to reset that narrative. These companies are changing how finances are accessed, transferred, or managed through advanced technologies.
As an example, a traditional on-premise data warehouse based on a provider like Terradata is continually pitted in the activity of balancing capacity for storage, compute, and memory. Accommodating bursts of demand for any of these cannot be done. Companies are forced to plan ahead and overbuild their data warehouses in anticipation of peak load. The Cloud eliminates this type of problem with virtually unlimited capacity.
A solution like Google BigQuery provides a serverless, highly scalable, and cost-effective multi-cloud data warehouse. It is specifically designed to afford businesses with the agility they require to remain competitive nowadays. The platform provides the ability to store unlimited data, but also the ability to use ANSI SQL for blazing-fast queries, run analytics at scale, democratize insight, and in most cases, realize a lower total cost of ownership.
Google Cloud for Fintech
Google Cloud is particularly useful in helping financial services businesses adapt to evolving customer expectations. The company boasts an impressive array of APIs, analytical tools, and applications designed to help companies grow revenue, reduce costs and manage risk and compliance. For instance, Open Banking API enables access and control of consumer banking and financial accounts through third party applications. This one component can help banks respond to multiple pressures such as compliance, partnership facilitation, security and create better customer experiences.
Here are some additional opportunities for companies interested in Fintech through Google Cloud:
Grow Revenue through quantitative research using high performance, scalable computing, or exchange and monetize historical and real-time market data at scale with Datashare.
Reduce costs with contact center artificial intelligence or modernize a data warehouse to quickly and cost-effectively service actionable insights.
Manage risk and compliance by running risk calculations at scale with virtually unlimited compute resources and streamline regulatory reporting with a cloud-based architecture.
Consult an expert today to see how Google Cloud can help position your financial services business successfully using leading-edge technology.