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As we prepare for Google Cloud Next 2024, we reflect on the conversations we had at last years flagship Google Cloud event. This blog post explores the future of financial services, focusing on the role of artificial intelligence (AI) and cloud computing.

Episode 46 Future of financial services with Zac Maufe, Head of financial services industry solutions, Google Cloud

In this episode between Zac Maufe, Google Clouds Head of Financial Services Industry Solutions, Dave Chapman and Rob Kernahan, the hosts of the Cloud Realities podcast, the conversation explores the challenges and opportunities presented by these new technologies.

The financial services industry has historically been behind the race in cloud adoption, owing to stricter regulations, complex legacy systems, and data fragmentation. While banks have been cautious about migrating sensitive financial data to the cloud, times are changing. With regulatory frameworks adapting, and the benefits of cloud computing scalability, agility, and cost-efficiency becoming increasingly attractive, the cloud catch up is a current reality.

So what cloud options are financial services firms exploring?

Financial institutions are now exploring various cloud-based solutions, including:

AI, particularly LLMs, is a major area of exploration for financial services. Here are some potential applications:

While AI offers exciting possibilities, security and compliance remain paramount in financial services. Heres how these concerns are being addressed:

Regulations surrounding AI are expected to evolve alongside the technology. Collaboration between regulators and the financial services industry is crucial to ensure responsible innovation and consumer protection.

The future of financial services is shaped by cloud adoption and AI. As cloud platforms become more secure and compliant, and AI capabilities mature, financial institutions will be better equipped to navigate the ever-changing landscape and deliver exceptional value to their customers.

Well be at Google Cloud Next with podcasts, exclusive client sessions and demos exploring exactly how we are transforming financial services with cloud, Data/AI, and software engineering on Google Cloud.

Innovation, meet intelligence.

Explore the power of our collaboration with Google Cloud.

The rest is here:
The cloud and AI race in Financial Services - Capgemini