UniCredit is banking on Google Cloud to accelerate its digital transformation. The collaboration will see the pan-European commercial bank draw on Google Cloud’s infrastructure, artificial intelligence (AI) and data analytics solutions to streamline digital architecture and enhance products and services across its 13 core markets.
UniCredit aims to transform its group-wide operations for a new era of banking at scale, gradually migrating key applications to the cloud, according to the announcement.
UniCredit serves over 15 million customers worldwide with service offerings in Italy, Germany, central and eastern Europe.
A major investment in cloud infrastructure
For UniCredit, the partnership represents a major investment in its cloud infrastructure – delivering on one of the key pillars of the bank’s digital strategy which involves migrating large sections of its application landscape to Google Cloud’s scalable and secure platform.
UniCredit will use Google Cloud as its new platform for AI workloads, adopting the technology firm’s advanced AI capabilities including its Vertex AI platform and Gemini models.
The bank plans to apply these technologies to develop and refine new service offerings, improve internal efficiencies and create industry-leading customer experiences. Potential applications span areas such as investment banking insights, enhanced customer interactions, operational process optimization, financial crime prevention and the development of new AI-powered financial products.
Beyond the core cloud component, the agreement also lays the groundwork for UniCredit to explore services from other Google divisions. This could involve exploring offerings like Google Maps Platform to further enrich customer interactions and optimize operational processes.
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UniCredit will accelerate digital transformation
“This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe's future,” said Andrea Orcel, CEO of Unicredit. “In line with our single-partner approach for strategic collaborations, we have sought out the best and now we are all in with them in the pursuit of excellence.”
Google Cloud’s cutting-edge cloud, AI and data analytics capabilities will empower ongoing digital transformation – further enhancing customer offerings, streamlining operations and fostering a new era of data-driven innovation, Orcel added.
“I am delighted to see this partnership, and all the opportunities it will bring to both UniCredit and Google,” said Tara Brady, president EMEA at Google Cloud. “Google Cloud is at the forefront of bringing powerful and the most secure AI technologies to financial institutions across Europe, and with these capabilities UniCredit can speed innovation, create efficiencies and advance its digital transformation, enabling continued success within today’s dynamic market.”
Banks are investing in business transformation
UniCredit is not the only bank to invest in business transformation this year. In February, Santander Group announced the launch of Openbank, its fully digital bank, in Mexico featuring a complete suite of everyday financial products. The launch bolstered Santander’s digital transformation strategy in the country and broadened its retail business footprint amid increasing customer demands for simple, accessible mobile banking solutions.
In March, NatWest Group became the first UK-headquartered bank to work with OpenAI in a collaboration to support its strategic focus on bank-wide simplification. The wide-ranging collaboration has the potential to accelerate how quickly and widely NatWest can deploy developments in generative AI, providing direct access to OpenAI’s latest technology and insights while upholding industry-leading data privacy guardrails.
Last month, leading specialist bank Vanquis took a “game-changing” step in its digital transformation journey in partnership with technology provider Fiserv, Inc.
“Innovation in banking often brings to mind AI-powered services, blockchain or digital-only banks. However, true transformation goes beyond technology – it’s about redefining operational models to improve efficiency, enhance customer experience and control costs,” said Diego Borquez, regional business process manager for Latin America at Pacific International Lines Ltd. “Ultimately, banking is more than just about safeguarding money. It’s about experience, accessibility and usability to make our lives easier.”
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