UniCredit, the pan-European commercial bank, and Google Cloud today announced the signing of a Memorandum of Understanding MoU outlining a 10-year agreement to accelerate UniCredits digital transformation. This collaboration will see UniCredit draw on Google Clouds best-in-class infrastructure, AI, and data analytics solutions to streamline its digital architecture and enhance its products and services across the banks 13 core markets.
For UniCredit, this partnership represents a major investment in its cloud infrastructure - delivering on one of the key pillars of the banks digital strategy, which involves migrating large sections of the banks application landscape, including legacy systems across the group, to Google Clouds scalable and secure platform.
This agreement will see UniCredits 13 banks progressively transition to Google Cloud, providing them with a unified foundation, enhanced scale, and agility crucial for its ambitious growth plans and innovation. This is further supported by Google Clouds inherent technological flexibility, which allows UniCredit to readily adapt and scale for future market expansions or acquisitions.
In addition, UniCredit will use Google Cloud as its new platform for AI workloads, adopting the technology firms advanced AI capabilities, including its Vertex AI platform and Gemini models. The bank plans to use these technologies to develop and refine new service offerings, improve internal efficiencies, and create industry-leading customer experiences, with potential applications spanning areas such as investment banking insights, enhanced customer interactions, operational process optimization, financial crime prevention, and the development of new AI-powered financial products.
Beyond the core cloud component, the MoU establishes a comprehensive and strategic business partnership with Google Cloud, a collaboration that also lays the groundwork for UniCredit to explore services from other Google divisions. This could involve exploring offerings like Google Maps Platform, to further enrich customer interactions and optimize operational processes, marking a major milestone in UniCredits digital transformation.