Australia and New Zealand Banking Group (ANZ) have partnered with Google Cloud to boost migration and data analytics capabilities for their institutional clients. As per the terms of the deal, Google Cloud will be accelerating the delivery of business insights for ANZ’s institutional clients.
According to ANZ, financial institutions depend on numbers and data to make business decisions for their clients. They also say that these institutions have been leveraging the power of the cloud to draw accurate insights from data-driven products.
By partnering with Google Cloud, ANZ believe that they will be taking a step ahead in the analytics discipline by gaining access to rich business insights that can make a huge difference for institutions. They claim that by using Google Cloud’s technology to analyse aggregated and de-identified datasets for customer insights, ANZ will save a lot of time.
Joss Raines, Institutional Head of Data and Digital, commented:
Increasingly, our Institutional customers are looking to us for strategic partnership in addition to the financial products and services we offer. The cloud-based platform can give our bankers meaningful data insights instantly — as it allows us to process data 250 times faster.
Over time we can help customers make informed business decisions more quickly on issues like liquidity, risk and cash management, or strategic calls like store locations, inventory and market positioning.
ANZ say that the Google partnership follows a successful proof of concept, which involved the use of aggregated and de-identified payment data to understand customer behaviour. Emma Gray, Chief Data Officer at ANZ, commented:
Our view was, [Google] was going to be our partner of choice in terms of data analytics. We will run it across the different parts of our banking stack – the first real focus is on the institutional business.
With this alliance, it is clear that Google Cloud are leaving no stone unturned when it comes to consolidating their clientele. This move is reminiscent of Google’s partnership with Infosys, to accelerate cloud transformation for enterprises.