iTWire - Macquarie uses Google Cloud for AI-enhanced banking
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Wednesday, 21 June 2023 10:28
Macquarie uses Google Cloud for AI-enhanced banking Featured
By Stephen Withers
Macquarie Group's banking and financial services group has been working with Google Cloud to develop AI and ML capabilities aimed at improving the customer experience.
Google Cloud underpins all of Macquarie's banking and financial services group's digital customer interfaces and processes, including its strategic and analytical data platforms and ML-based applications, the bank explained.
Among the developments are predictive analysis models to provide targeted functionality within apps, and automated processes to streamline banking tasks.
More than one billion transactions a day are analysed to deliver functions including natural language search in online and mobile banking platforms, and automatic categorisation of transactions.
By the end of 2023 Macquarie plans to add cashflow prediction, transfers prediction, offers to automate regular activities (eg, sending 15 percent of the customer's monthly salary to their savings account), and further enhancements to loan application and payment fraud detection.
"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," said Macquarie banking and financial services group head Greg Ward.
"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. In this next stage, we will deliver even more seamless, intuitive, and personalised digital experiences to all of our personal banking customers through new AI and ML-enabled features and functionality."
Macquarie also plans to embed AI and ML within its customer service functions, for example to use generative AI within its contact centre, and to improve risk management processes.
"This is the progression of a multi-year partnership between Macquarie Bank and Google Cloud," said Google Cloud head of regulated industries Zac Maufe.
"By combining Macquarie's expertise in financial services with Google Cloud's AI and machine learning capabilities, we can create new and innovative ways to help their customers manage their money, and invest for the future."
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