Google Cloud Announces Its Major Financial Service Deals

Google Cloud has shared information regarding its collaborations with major financial services – Discover, Scotiabank, and Citadel Securities. This was during its once-in-a-year Las Vegas event.

Prominent market maker Citadel partnered with Google Cloud to develop the innovative version of its data-driven research technology platform.

Citadel Securities has a significant number of quantitative researchers. These researchers can analyze large amounts of market data to develop models that can precisely tell the price of numerous financial securities. These models must be tested by researchers to know their performances before going live.

Citadel Securities Plans To Move Its Data To Google Cloud

Citadel previously created an in-house data center and utilized a high-efficiency hardware that was made for managing complex and data-intensive simulations. However, it has decided to take all of its algorithm testing and data to Google Cloud. The company is currently able to launch over a million cores simultaneously, allowing many quantitative researchers to complete tasks in parallel, while saving on costs.

In contrast, Discover Financial Services is collaborating with Google Cloud to provide generative AI technology for its customers. By utilizing Google Cloud’s AI platform, the company is set to offer about 10,000 agent tools for services like real-time search assistance and intelligent document summarization.

Szabolcs Paldy, Senior Vice President Portfolio Marketing at Discover, stated that with Google Cloud’s generative AI tools, the company can raise the quality of customer support interactions. This will ensure a fast, effective, and personalized service at all time.

According to the latest update, Scotiabank has broadened its alliance with Google Cloud. It is focused on enhancing employee and customer experience, assisting the adoption of artificial intelligence, and bolstering security measures.

The Head of Scotiabank’s Group, Aris Bogdaneris, stated that through the partnership with Google Cloud, the company aims to increase efficiency across the business. It promises to streamline processes and speed up the delivery of improved capabilities.

Citadel Services Operates In More Than 50 Countries

Citadel Services is an American market maker headquartered in Miami. It is among the biggest market makers in the universe and operates in over 50 nations. It is also the leading designated market maker available on the New York Stock Exchange.

The company is an independent entity from Citadel LLC. However, Kenneth C. Griffin founded the firm and has major ownerships of both firms. Citadel Securities previously moved its headquarter from Chicago to its current location in Miami. But, it plans to develop a new headquarter on Brickell Bay Drive.