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Home ยป Google emerges as a key technology tool for banks and Fintech startups – Fintech Schweiz Digital Finance News
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Google emerges as a key technology tool for banks and Fintech startups – Fintech Schweiz Digital Finance News

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Google’s role in the financial services industry has evolved significantly from direct-to-consumer offerings to a critical technology role for fintech startups and financial institutions, according to a new report from C-Innovation, a French research firm focused on fintech, says.

The analysis, published in November, explore Google’s growing role in the financial services industry, focusing on how technologies such as Google Cloud, artificial intelligence (AI) tools and Google Wallet, enable banks and fintech companies to innovate, evolve and quickly improve the customer experience.

Google Cloud: Supporting Growth and Improving Efficiency

The report highlights Google Cloud’s growing influence in the financial services industry. Google Cloud is a suite of cloud computing services offered by Google. It provides infrastructure, platforms, and software that enable businesses and developers to build, deploy, and scale applications, store and analyze data, and much more.

In the financial services industry, Google Cloud enables banks and fintech startups to meet changing customer demands, efficiently scale their operations, and manage large user bases without the need for substantial infrastructure investments computer science.

Meanwhile, Google Cloud’s AI tools are designed to improve operational efficiency. Lending Doc AI, for example, is an AI-powered tool designed to streamline loan document processing. The tool uses advanced machine learning (ML) to extract, classify and analyze data from complex documents such as mortgage applications, tax forms and financial statements.

Today, more than 200 financial services companies rely on Google Cloud, cementing its position as a major force in the digital banking landscape. Notable clients include industry leaders such as Deutsche Bank, HSBC, BBVA, Revolut, Monzo and Starling Bank.

Google Cloud financial customers, Source: C-Innovation, November 2024
Google Cloud financial customers, Source: C-Innovation, November 2024

The report highlights the case of Revolutionwhich uses Google Cloud infrastructure to improve infrastructure scalability, automation, and security. Using Google Compute Engine, Revolut has optimized its infrastructure, enabling automated deployments and updates that enable the business to scale efficiently in response to growing demand.

Revolut also uses Google Cloud APIs and automation tools to further streamline processes and improve the scalability of its operations in more than 35 countries.

Another example is the partnership between Google and Come on Henry by Acorns, a financial technology company focused on financial education for children. This collaboration focuses on improving financial literacy through wearable technology, integrating GoHenry’s financial education tools with Google’s Fitbit Ace LTE.

It allows children under 13 to manage their money securely with GoHenry debit cards linked to Google Wallet. Parents, on the other hand, can set spending limits and monitor transactions, providing their children with true financial responsibility in a controlled and secure environment.

Expanding Google Wallet capabilities for banks and fintech startups

C-Innovation’s report also notes the expansion of Google Wallet, which now offers digital identity (ID) solutions alongside its traditional payment features. These products and features provide new ways for digital banks to improve integration and facilitate cross-border services.

By allowing users to store digital versions of government-issued IDs, Google Wallet enables seamless identity verification, simplifying the neobank onboarding process, reducing friction, and improving user experience through secure biometric authentication.

Google Wallet digital identifiers, Source: C-Innovation, November 2024
Google Wallet digital identifiers, Source: C-Innovation, November 2024

While Google services offer significant benefits to financial services companies, including improved scalability, profitability and operational efficiency, C-Innovation warns of the risks of deep integration into the Google ecosystem, highlighting concerns such as over-reliance on Google products, regulatory challenges and privacy. problems.

In addition to its business-to-business (B2B) services, Google also has a strong customer presence in the financial services space.

Google Pay is a mobile payments service that enables contactless purchases in-app, online and in-person on mobile devices, allowing users to make payments with Android phones, tablets or watches. Launched in 2011, Google Pay has amassed approximately 150 million users worldwide, recording $110 billion in transaction value in 2019. The service East available in more than 60 countries and territories.

Google has also expanded its services through partnerships with banks and financial service providers. In India, Google partners with banks like Axis Bank and ICICI Bank to offer consumer and business loans. Google also partners with Affirm And Zippertwo major players in buy now, pay later (BNPL), to offer BNPL options to Google Pay users.

Featured image credit: edited from free pik

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