Google Cloud has leveraged its annual Las Vegas event to announce partnerships with prominent financial services firms, including Citadel, Discover, and Scotiabank.
Giant market maker Citadel is collaborating with Google Cloud to develop the next generation of its quantitative research technology platform. Citadel Securities employs hundreds of quantitative researchers who analyze vast amounts of market data to create models that identify the prices of numerous financial securities. Before deploying these models, researchers must conduct tests to validate their performance.
Initially, Citadel operated an on-premises data center utilizing high-performance hardware specifically designed for complex, data-intensive simulations. However, the firm is now transitioning its data and algorithm testing to Google Cloud, enabling it to utilize over a million concurrent cores. This shift allows hundreds of quantitative researchers to execute jobs simultaneously while significantly reducing costs.
In another development, Discover Financial Services is collaborating with Google Cloud to implement generative AI technology within its customer care centers. By utilizing Google Cloud’s AI platform, Discover will equip its nearly 10,000 agents with tools for intelligent document summarization and real-time search assistance. Szabolcs Paldy, SVP of operations at Discover, stated: “By using Google Cloud’s generative AI tools, we will raise the bar for customer support interactions, ensuring fast, personalized, and effective service every time.”
Additionally, Scotiabank is deepening its partnership with Google Cloud to enhance customer and employee experiences, bolster security, and facilitate AI adoption. Aris Bogdaneris, group head of Canadian banking at Scotiabank, commented, “Through our work with Google Cloud, we are bringing efficiencies across the business – streamlining processes, migrating platforms, modernizing applications and data, and accelerating the delivery of enhanced capabilities.”