Google Cloud and Macquarie bring AI to online banking

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Macquarie has collaborated with Google Cloud to announce new AI and ML capabilities to drive improved banking experiences for its customers. 

Google Cloud underpins Macquarie’s banking and financial services group’s digital customer interfaces and processes, including its strategic and analytical data platforms and ML-based applications. Building on this foundation, Macquarie has embedded AI and ML into its digital banking and technology ecosystem, across both its operational and customer experience interfaces. 

The bank now analyzes more than one billion transactions daily to bring intuitive functionality to its customers, including natural language search, a ‘search-as-you-speak’ functionality for online and mobile banking and auto-categorization for transactions and expenses.

The new AI and ML capabilities will also see Macquarie launch further customer functionality later this year, such as a cashflow prediction feature that aims to provide customers with a forecast of their personalized cashflow for the next 12 months – including proactive prompts if their cashflow is expected to turn negative. Other upcoming offerings will include transfers prediction, process automation to automate regular account activity and further enhancements to loan application and payment fraud detection.

Macquarie will also work with Google Cloud to embed AI and ML functionality across risk management processes, customer service functions – such as with ‘smart agent’ contact center capabilities – and enhanced insights for customers traveling overseas.

“Over the past decade, we’ve made significant investments in the technology that underpins our retail banking platforms, building them to be cloud-first and completely digital,” said Greg Ward, head of Macquarie’s banking and financial services group. “By leveraging that investment in our technology stack, and in partnership with Google Cloud, we’re now well positioned to take the next step by applying an AI-first approach across our digital and data platforms. In this next stage, we will deliver even more seamless, intuitive and personalized digital experiences to all of our personal banking customers through new AI and ML-enabled features and functionality.”

“This is the progression of a multi-year partnership between Macquarie Bank and Google Cloud,” said Zac Maufe, head of regulated industries, Google Cloud. “By combining Macquarie’s expertise in financial services with Google Cloud’s AI and machine learning capabilities, we can create new and innovative ways to help their customers manage their money, and invest for the future.”