How to Power Banking Services with Google Cloud

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Aliz Team | June 23, 2022

4 Minutes Read

Google Cloud is getting more and more attention in several industries. The main reason is its easy-to-adapt functionalities which give you more control over the remote management of your data.

Originally, banking companies and financial service organizations were hesitant to welcome the Cloud due to security and compliance concerns. However, the scalability, cost savings, and other opportunities offered by cloud computing are changing how banking companies perceive it.

So, here’s why your company should be using Google Cloud and a bit more detail on how it makes things easy for financial service organizations.

What is Google Cloud?

Google Cloud is a suite of multiple cloud computing features that run on Google's internal infrastructure. The Google Cloud Platform (GCP) gives you access to a range of hosted services for computing, data storage, application development, big data, machine learning, and the Internet of Things (IoT).

With Google Cloud services, many users can access the same data on authorized access simultaneously without being concerned about the storage capacities and stored data management.

Google Cloud Features

Though Google Cloud comes with a diverse set of features, the specific features for the banking sector are:

● Insights from real-time and predictive analytics from its multi-cloud serverless data warehouse.

● Third-party apps that connect with customers where they are.

● Effective risk management that helps organizations prevent, adapt, respond to, recover, and learn from operational disruptions.

● Automated mortgage document processing that transforms the entire home loan experience for borrowers and lenders.

Besides these, Google Cloud ensures high-level data protection and security by offering identity management, network security, and threat detection and response.

Better understand the impact of physical and digital access points on customer experience

When we talk about physical access points, we mean bank branches, ATMs, and other physical locations where customers can interact with bank staff or cashiers.

Digital access points, on the other hand, include mobile apps, online banking and a bank's digital storefront through the form of its main website.

These digital channels allow customers to manage their accounts in real-time from any location at any time of day. They also offer a good opportunity for banks to provide more personalization, such as by suggesting products that may be helpful based on past transactions or usage patterns.

While physical access points have certain advantagesl, digital channels tend to outperform them in terms of convenience and cost-efficiency.

With Google Cloud's Apigee API management, banks can reinvent the customer experience and integrate offerings through third-party apps.

Engage customers with personalization using Contact Center AI

Gone are the days of long waiting queues to get in touch with an agent. Time is money, especially for banking services where customers need real-time results and accessibility counts for everything.

With Google Cloud's Contact Center AI, banks can connect customers to virtual agents that both interact naturally with customers while also assisting your regular customer service team with more complicated queries.

Combine this with the usefulness of BigQuery enterprise data warehouse to stay on top of your customer's needs. By democratizing insights, you can better predict the needs of your customers by analyzing their transactions and behavior.

This helps you keep customers happy while increasing agent efficiency and your internal revenues.

Manage your regulatory requirements and risk compliance

With Google Cloud, you can manage your regulatory requirements with a simple-to-use audit trail and data lineage. It also helps reduce the cost of managing compliance by moving to a cloud environment that is built for security and audited by third parties for industry compliance standards.

For example, liquidity reporting is critical to any bank's health and Google Cloud's features are built to support liquidity stress tests and provide helpful data for key decision-makers.

Protect all your sensitive data through solid security and encryption

Cloud security is a necessity for any enterprise that has sensitive data at its core. Protecting all your sensitive data through solid security and encryption is critical to the success of any business, regardless of whether it's in a cloud or on-premises environment.

The Google Cloud platform is verified and vetted by several global security standards including the financial control standards, ISO/IEC 27001, ISO/IEC 27017, AICPA SOC, Japan FISC, and more.

Transition to Google Cloud with ALiZ

With growing customer expectations and rapid digitalization in the industry, the banks that don't evolve along with the latest cloud computing trends will be left behind.

It can be a daunting transition and we understand the importance of smooth transitions and integrations, especially when handling large data volumes. At ALiZ, we're here to support you and help you make the best of your current banking infrastructure.

We can help you harness the power of Google Cloud and take your customers' experience to the next level.

Not convinced? Check out how we helped Bank Jago develop their real-time data platform and workflows with Google Cloud.

Get started with us today!

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ALIZ is a proud Google Cloud Premier Partner with specializations in Data Analytics and Machine Learning. We deliver data analytics, machine learning, and infrastructure solutions, off the shelf, or custom-built on GCP using an agile, holistic approach.

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