Toward A More Fully Digital Bank

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Technology

Toward A More Fully Digital Bank

Google Cloud CEO, Thomas Kurian shares his thoughts on how banks are using cloud technology to drive digital transformation. 

Over the last few decades, banking executives have been told that fintechs will upend the financial system, that digital-first challengers will disrupt their customer base, that Bitcoin will replace fiat currencies and that, technologically speaking, they’re dinosaurs facing certain extinction. Yet, banks continue to thrive by providing consumers and enterprises with critical products and services that underpin the global economy.

A financial instrument is at its core a form of information, and financial institutions are responsible for creating, selling, and servicing these digital products. Put simply, the core business of a bank is using technology to create and distribute information in new ways. Ironically, technology companies share a very similar approach—managing large quantities of digital information; using AI (artificial intelligence) and machine learning (ML) to process data more efficiently; and using that data to attract customers in new ways. 

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Toward A More Fully Digital Bank