AI transforms financial services with cloud and Gemini solutions
Financial institutions are leveraging AI and cloud technology to enhance efficiency and customer experience, with Google Cloud leading the shift from infrastructure to impactful solutions.
Almost all institutions now use AI to boost efficiency and customer experience.
AI is redefining how financial institutions operate, with 99% now using it to enhance efficiency and customer experience. According to Maxim Afanasyev, Financial Services Industry Lead, JAPAC, Strategic Industries at Google Cloud, the cloud’s role in the sector is shifting away from purely supporting IT infrastructure to driving tangible business outcomes.
“It is not anymore a purely IT infrastructure discussion. It is all about how to solve their business problems using something which goes beyond just the technology,” Afanasyev said.
He explained that the transformation now follows a layered approach:
- Infrastructure forms the foundation.
- Data and AI tools build on top.
- The most critical layer: “repeatable, production-ready solutions and AI agents to the FSI business goals.”
Key Applications:
- Brand Protection: Google Cloud’s Gemini scans bank websites and flags suspected fakes. “If we find any similar website… we do inform the financial institution that there is potentially a fake website,” Afanasyev said. Once confirmed, major browsers covering 98% of the market block access via Safe Browsing — “a game changer in how the banks are able to stop phishing attacks.”
- Insurance: Research shows up to 30% of treatments are unnecessary or excessive. “This is where Gen IA and AI agents become extremely powerful to identify those over-serving and notify our insurers or engage through the collaborative chatbots with the clinics to ask for the clarifications,” Afanasyev noted. The technology can flag anomalies — such as treatments typically given to elderly patients being prescribed to much younger ones — and prompt checks for potential over-servicing.
Call to Action:
Afanasyev urged financial institutions to start their AI journey without delay, ensuring initiatives are driven by business objectives rather than solely by IT. He emphasized the importance of engaging expert support to implement solutions in compliance with regulations and industry best practices.
Also Read:
- Security Bank accelerates digital transformation with fresh apps
- CBA partners OpenAI for scam and fraud detection, personalised services
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Alex Thompson
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Senior technology editor specializing in AI and machine learning content creation for 8 years. Former technical editor at AI Magazine, now provides technical documentation and content strategy services for multiple AI companies. Excels at transforming complex AI technical concepts into accessible content.