Last week, Greg Ward, Deputy Managing Director of Macquarie Group Limited, a banking and financial services group, commented on a recent partnership with Google Cloud. Ward estimates that it will excel the automation process of Macquarie's banking capabilities, leading to a better overall customer experience.
“Over the past decade, we’ve made significant investments in the technology that underpins our retail banking platforms, building them to be cloud-first and completely digital... By leveraging that investment in our technology stack, and in partnership with Google Cloud, we’re now well positioned to take the next step by applying an AI-first approach across our digital and data platforms," Deputy Manager Director Ward said. "In this next stage, we will deliver even more seamless, intuitive, and personalized digital experiences to all of our personal banking customers through new AI and ML-enabled features and functionality.”
According to a press release from Google issued on June 21, Macquarie's Banking group, in a partnership with Google Cloud, unveiled fresh artificial intelligence and machine learning features aimed at enhancing banking services for its clientele. These advancements encompass predictive analytics tools designed to offer tailored in-app functionalities and to automate banking procedures, said the release.
According to the press release, Google Cloud serves as the backbone for Macquarie's Banking group's digital customer interactions and processes. It has facilitated the integration of AI and Machine learning (ML) into Macquarie's digital banking sphere, states the release. By analyzing over a billion transactions every day, the press release says, the bank delivers user-friendly systems such as a "search-as-you-speak" feature that enables customers to use voice commands for their needs, and AI-powered auto-categorization of transactions for a comprehensive view of spending habits, assisting customers in financial management.
According to the release, Macquarie is teaming up with Google Cloud additionally to develop AI-driven banking solutions, focusing on customer personalization using generative ML and AI technology. The release also states that in the coming year, the bank plans to introduce new capabilities, including cash-flow prediction, transfers prediction, process automation, and fraud detection enhancements. Reportedly, AI and ML will be integrated into its customer service related functions, providing features like "smart agent" assistance and risk management, among other personalized insights and suggestions.
According to its website, Macquarie is a worldwide financial services group that operates within 34 markets. It offers services in many areas, including asset management, banking, leasing, trading, and investment among others. The website boasts for the company a record of 53 years of profitability.
With the partnership between Macquarie and Google Cloud, customers can expect a seamless and personalized banking experience, thanks to the integration of AI and ML technologies. The combination of Macquarie's expertise in financial services and Google Cloud's cutting-edge solutions paves the way for a new era of innovation in the banking industry, benefiting customers globally.
