Citigroup & Google Cloud Collaborate to Accelerate Digital Strategy

Citigroup, Inc. C entered a multi-year agreement with Google Cloud, which is intended to support C's digital strategy through cloud technology and artificial intelligence (AI). This collaboration aims to modernize Citigroup's technological infrastructure, and improve employee and client experiences via cloud-based apps.Google Cloud's secure infrastructure enables financial institutions to confidently embrace digital transformation while protecting sensitive data, and meeting strict regulatory, policy and business requirements.More on Citigroup’s Collaboration With Google CloudThrough collaboration, Citigroup will transition different workloads and apps to Google Cloud's safe and scalable infrastructure. C will be able to deliver superior digital goods, expedite staff workflows, and run high-performance computing (HPC) and analytics platforms after updating its technology infrastructure on Google Cloud. This includes utilizing powerful HPC capabilities to accelerate the execution of millions of computations per day in Citigroup's Markets division.As part of the partnership, Citigroup will leverage Google Cloud's Vertex AI platform to provide generative AI capabilities throughout the organization. Citigroup will be able to utilize Google Cloud to support its generative AI initiatives in developer toolkits, document processing and digitizing capabilities, empowering customer service teams.Similar to Citigroup, this June, State Street Corp.’s STT asset management business, State Street Global Advisors, announced a collaboration with Galaxy Asset Management, an affiliate of Galaxy Digital Holdings Inc., to introduce investors to the next generation of digital asset-based strategies.  STT’s collaboration will enhance investors’ exposure to digital asset space companies, extending beyond cryptocurrencies and bitcoin.Also, Regions Financial Corporation’s RF subsidiary, Regions Bank, launched Regions CashFlowIQ in collaboration with BILL Holdings. CashFlowIQ is a digital solution intended to make payments easier and simplify cash-management procedures for its commercial clients.This move is in sync with RF’s emphasis on providing cash flow management solutions, which is a priority for clients seeking a simplified and efficient financial management tool.Management Remarks on Citigroup’s Latest CollaborationTim Ryan, Head of Technology and Business Enablement for Citigroup, said, “Citi is on a mission to modernize our infrastructure and increase our safety and soundness so that our businesses can continue to serve our clients with speed and agility.” “Leveraging Google Cloud opens up a whole new frontier for us in how we can run applications with faster and more comprehensive outputs, and provide our colleagues with the tools they need to deliver for our clients,” Ryan added."Our strategic partnership with Citi to continue to modernize its technology infrastructure and drive enterprise-wide innovation underscores Google Cloud’s commitment to helping the financial services industry transform with cloud and AI technology,” said Thomas Kurian, Google Cloud CEO. “By combining Citi's deep banking and customer experience expertise with Google Cloud's leading cloud and AI capabilities, we can deliver significant benefits to Citi’s clients and employees,” Kurian added.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Citigroup Inc. (C): Free Stock Analysis Report Regions Financial Corporation (RF): Free Stock Analysis Report State Street Corporation (STT): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks