Intelligence Vault: The Rise of Google in Banking AI

This short article in our Distinctive Insights Intelligence Vault series looks into the rising use of Google tools within banking AI.

Our aim in publishing this content is to help finance professionals further understand how artificial intelligence and data analytics are being applied to support key business processes within financial institutions.

An increasing number of major banks are using Google tools within their AI infrastructure. Primarily this means Google Vertex AI on Google Cloud infrastructure, but it often also involves AI integration with a variety of other Google components such as Dataplex, BigQuery, Workspace, Maps, Security Operations, and others.

Leading banks working with Google on AI initiatives include:

🏦 ANZ

🏦 BBVA

🏦 CaixaBank

🏦 Citi

🏦 Deutsche Bank

🏦 Goldman Sachs

🏦 HSBC

🏦 Lloyds Bank

🏦 Scotiabank

🏦 TD Bank

Food for Thought: Multi-vendor Strategies

📌 In most large banks, Google’s tools and infrastructure are used as part of multi-vendor strategies for both cloud (e.g. together with any of Microsoft Azure, AWS, IBM) and models (e.g. alongside models from OpenAI, Anthropic, Cohere, Meta, Mistral, and others).

📌 There is significant intelligence indicating such diversification strategies are being heavily used by major banks including Barclays, BNY Mellon, HSBC, JP Morgan, Lloyds Bank, NAB, Royal Bank of Canada, and Wells Fargo.

📌 Multi-vendor strategies give a wide range of benefits including business agility, access to market-leading capabilities, commercial leverage, and resilience.  However, they also increase infrastructure complexity and require greater governance than under a single-vendor approach.

📌 This increased complexity means that the benefits of multi-vendor approaches are often out of the reach of smaller institutions.