- Scotiabank and Google Cloud are working to create more personal and predictive banking experiences for the bank’s customers. The strategic partnership will accelerate Scotiabank’s global data and analytics strategy for customers in the Americas and across the globe.
- Scotiabank will move its customer data to the Google Cloud and use its data analytics and artificial intelligence (AI) solutions in several ways:
- Leverage data for predictive offers: The bank will be able to process data faster, understand customer sentiment insights, and deliver relevant offers in a timely manner. Using Google Cloud’s machine learning (ML) models, Scotiabank can reduce the time spent predicting customer offers from 14 days to hours.
- Improve customer interactions through artificial intelligence (AI): Through this partnership, Scotiabank is empowering its engineers and data scientists with Google AI solutions, such as natural language processing, voice, and vision capabilities to help the bank automate document processes and onboarding, improving customer interactions.
- Unify data silos across the organization: The migration of data to Google Cloud will help remove data silos within the bank, uncovering previously hidden insights that will allow the bank to provide better financial advice to its customers.
This year’s big headlines on Google Cloud Next—Google’s annual conference for its enterprise customers and developers, revolved around Google’s entry into the distributed cloud space, a big data push and the introduction of new AI-enhanced cloud solutions.
- Google Distributed Cloud, is a portfolio of fully managed hardware and software solutions that Google says will bring the power of Google Cloud to the intelligent edge and data center. Designed specifically for this frontier, Google Distributed Cloud customers will gain access to various Google Cloud services for local processing. Additionally, Google touts the new offering’s ability to support low-latency edge compute workloads, the modernization of on-prem environments, sensitive workloads with sovereignty requirements and private 5G/LTE solutions. At the heart of Google Distributed Cloud is Anthos, an open-source-based services platform that promises consistent, scalable performance across various environments. For now, there are two initial offerings in the Google Distributed Cloud portfolio.
- Google also launched its new Google Cybersecurity Action Team—a task force of Google cybersecurity experts dedicated to supporting the digitization of governments, critical infrastructure and businesses of all sizes. This support will come via strategic advisory services, trust and compliance services, security customer and solutions engineering, threat intelligence, and incident response services. The new team also revealed a framework designed to guide organizations through implementing a “comprehensive security management program” that leverages Google and its partners’ cloud security technologies.
- Google also announced Work Safer, another well-timed security offering that is essentially a security package for hybrid work. Work Safer’s zero-trust, browser-based security approach negates the need for local devices, apps, security add-ons and email attachments. It employs built-in controls, encryption and verification to support workers wherever they are, on both company-provided or BYOD endpoints—no VPN, patching or strong account takeover protections necessary.
- Google also revealed Contact Center AI Insights, a new offering in its CCAI product suite. By providing customers with a more granular look at their contact center interaction data, Google says CCAI Insights will help them make data-driven business decisions that drive better organizational efficiency. For example, CCAI Insights uses AI to illuminate and identify the topics customers most frequently need contact center support on, allowing analysts to quickly identify problem areas within their organizations that could benefit from further investment.
11:FS Foundry has partnered with Google Cloud, creating an end-to-end solution for businesses building new financial services propositions. The partnership will give Google Cloud clients a clear solution for embedding finance into their product set, grow their market share and boost their revenue. 11:FS Foundry is one of the first true Financial Services Operating Systems (FS OS), it helps businesses build and launch new financial services propositions, not years. Using 11:FS Foundry, traditional banks, neobanks and non-banks can scale their fintech offerings at speed. 11:FS Foundry itself is hosted on Google Cloud’s platform, enabling significantly increased uptime, global reach and strong security and encryption.
Top hedge funds, investment firms, and private-equity shops are turning to public clouds managed by Amazon Web Services, Microsoft Azure, Google Cloud Platform, and IBM..
- Quantitative research is the bread and butter of AQR, an investment manager that typically takes a longer-term view on its portfolio. As with other quantitative funds, that means access to readily-available financial and economic data is paramount. And while transitions to the public cloud carry an up-front cost, more financial firms are embracing the value they see in the cloud relative to on-premise data storage. But for AQR, a move to the cloud was approached much the same way it handles investing: meticulous planning and research.
- Blackstone is looking to Amazon Web Services, as firms across Wall Street embrace public and hybrid cloud strategies to boost their tech prowess. Blackstone is in the midst of a “firm-wide initiative” to migrate much of Blackstone’s technology operations to Amazon Web Service’s public cloud by roughly the end of this year to be able to deliver features and function at the speed that the business needs and that its engineers are truly capable of
- Fund administrator Citco took 18 months to migrate $1 trillion of those assets – from more than 550 hedge funds and other clients that total 10,000 accounts – from physical data centers to the cloud. Hosted on Amazon Web Services, these accounts now have a more streamlined administration of their portfolios, and access to different tools Citco has built out on the cloud, such as a software-as-a-service tool that helps managers with Treasury functions.
- Hedge fund Millenium is using technology as a key value prop for recruitment and retention. It is investing in cloud technology to stand out among hedge funds. The firm saw how much faster its employees could test new tools and datasets using the cloud, which led it to invest more in the tech.
- Point72 is in the midst of a sweeping, multi-year overhaul to transform the $21.8 billion hedge fund into a cloud-first operation. The five-year project, which is slated to wrap at the end of 2024, is aimed at migrating 70% to 80% of the hedge fund’s cloud-eligible applications to the new tech.
- Two Sigma was in need of compute power needed for the quantitative fund’s research workflows was 10 times greater than what its data centers could provide. As a quantitative fund, the problem was particularly salient for Two Sigma. Quant funds rely on mathematical and computer-based modeling to make their bets in the market, meaning their demand for computer firepower can often be enormous.
- Google announced a broad portfolio of hybrid cloud services designed to deliver computing at the edge of Google’s network of data centers, in a partner facility or in a customer’s private data center — all managed by Anthos, the company’s cloud native management console. The aim is to bring customers along who might have specialized workloads that aren’t necessarily well suited to the public cloud. That means providing them with some reasonable alternatives. All of this led Google to design a set of solutions that work in a variety of situations that might not involve the pure public cloud. A solution could be installed on the edge in one of Google’s worldwide data centers, in a partner data center like a telco or a colo facility like Equinix, or as part of a managed server inside a company’s own data center.
- These are servers from partner companies like Dell and HPE, as opposed to a server manufactured and managed by Google. It’s also interesting to note that these machines won’t be connected directly to the Google cloud in any way, but Google will manage all of the software and provide a way for IT to manage cloud and on-prem resources in a single way. The goal with a hosted solution is a consistent and modern approach to computing using either containers and Kubernetes or virtual machines. Google provides updates via a secure download site and customers can check these themselves or let a third party vendor handle all of that for them. The glue here that really holds this approach together is Anthos, the control software.
VMware has announced new advancements for VMware Cloud, the industry’s first and only multi-cloud computing infrastructure that enables customers to move their enterprise apps to the cloud in nearly half the time and less than half the cost.
- A new portfolio of managed Kubernetes services to modernize apps on VMware Cloud: VMware Cloud with Tanzu services is a new portfolio of managed Kubernetes services that will be available at no additional charge as part of VMware Cloud on AWS. Tanzu services will make app modernization with Kubernetes faster, easier, and less expensive on VMware Cloud than alternative managed Kubernetes solutions. IT admins will be able to use the VMware vCenter interface to unify VM and container management on a common platform and provision Kubernetes clusters within minutes.
- Capabilities that will make it simpler and safer to run enterprise apps in VMware Cloud: VMware Cloud makes running enterprise vSphere apps in any cloud environment simpler and safer. Research shows VMware Cloud customers can achieve 300% faster Kubernetes deployment, 46% faster cloud migration, and 57% reduction in TCO. VMware Cloud gives customers the flexibility to move to the cloud on their timelines and run vSphere workloads on the cloud of their choice.
- A new initiative supporting the need for customers to run their business in sovereign clouds: The new VMware Sovereign Cloud initiative helps customers engage with trusted national cloud service providers to meet geo-specific requirements around data sovereignty and jurisdictional control; data access and integrity; data security and compliance; data independence and mobility; and data analytics and innovation.
Enterprises can begin to run trials of their AI projects using VMware vSphere with Tanzu together with Nvidia AI Enterprise software suite, as part of moves by both companies to further simplify AI development and application management. By extending testing to vSphere with Tanzu, Nvidia boasts it will enable developers to run AI workloads on Kubernetes containers within their existing VMware environments. The software suite will run on mainstream Nvidia-certified systems, noting it would provide a complete software and hardware stack suitable for AI development.
Microsoft is making its financial services-specific cloud offering generally available from next month, with Virgin Money UK on board as an early user. Microsoft Cloud for Financial Services promises a foundation of privacy, security, and regulatory compliance. the offering integrates cloud services across Microsoft Azure, Microsoft 365, Microsoft Dynamics 365, and Microsoft Power Platform, underpinned by an industry data model. the industry-specific cloud will improve the experience of retail banking employees and customers, helping with unified customer profiles, onboarding, customer engagement and collaboration. Microsoft has also lined up a host of service partners, including Accenture, Finastra and Zafin.
Scotiabank is moving customer data onto Google Cloud and tapping the firm’s data analytics and AI technology in a move the Canadian bank hopes will lead to more personalised and predictive services. Google Cloud is now a Scotiabank trusted cloud partner for data and analytics, enabling the bank to run sensitive workloads in a highly secure cloud environment. Scotiabank says that by using Google Cloud’s machine learning models, it can reduce the time spent predicting customer offers from 14 days to just hours. Meanwhile, bank engineers and data scientists can tap with Google AI tech to automate document processes and onboarding — ultimately improving customer interactions. The migration of data to Google Cloud will also help remove data silos, says Scotiabank, uncovering previously hidden insights to provide better financial advice to its customers. The Google Cloud partnership for data and analytics will enable a significant improvement in speed, sophistication, and ubiquity of insights and automation through parallel processing and streaming data.
Amazon Web Services, Google, IBM, Microsoft and other major tech giants have joined forces with the EDM Council — a cross-industry trade association for data management and analytics — to create the Cloud Data Management Capabilities (CDMC) framework. More than 100 companies worked on the project, which involved developing a comprehensive set of cloud data management capabilities, standards and best practices for cloud, multi-cloud and hybrid-cloud implementations while also incorporating automated key controls for protecting sensitive data. The CDMC was initially developed with the financial sector in mind but was expanded to include every industry. The CDMC framework is going to be a tremendous resource for companies as they continue to accelerate their digital transformation and reimagine their business through effectively leveraging the power of real-time data. The framework is split into six components, 14 capabilities and 37 sub-capabilities that help organizations manage their cloud deployments. Among the six components are data governance and accountability, cataloguing and classification, data accessibility and usage, data protection and privacy, data lifecycle and technical architecture.