Italian bank UniCredit has entered a 10-year memorandum of understanding (MoU) with Google Cloud to advance its digital transformation efforts.
This agreement will see the bank utilising Google Cloud’s infrastructure, AI, and data analytics to enhance its digital architecture and services across its 13 core markets.
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The partnership is part of UniCredit’s digital strategy, which involves transitioning substantial parts of the bank’s application landscape, including legacy systems, to Google Cloud’s platform.
Under the agreement, UniCredit will leverage Google Cloud’s AI capabilities, such as the Vertex AI platform and Gemini models, to develop new services and improve customer experiences.
The bank expects to apply these technologies across various functions, including investment banking, customer interactions, operational efficiency, financial crime prevention, and the development of new AI-driven financial products.
The MoU also sets the stage for UniCredit to explore additional services from other Google divisions, optimising operational processes through tools like the Google Maps Platform.
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By GlobalDataBesides, the agreement includes a provision for Google Cloud to facilitate digital skills training for UniCredit staff throughout its 13 European markets.
Unicredit CEO Andrea Orcel said: “This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe’s future. In line with our single-partner approach for strategic collaborations, we have sought out the best and now we are all in with them in the pursuit of excellence.
“Google Cloud’s cutting-edge cloud, AI and data analytics capabilities, will empower our ongoing digital transformation – further enhancing our customer offerings, streamlining our operations, and fostering a new era of data-driven innovation.”
Google Cloud EMEA President Tara Brady stated: “Google Cloud is at the forefront of bringing powerful and the most secure AI technologies to financial institutions across Europe, and with these capabilities UniCredit can speed innovation, create efficiencies and advance its digital transformation, enabling continued success within today’s dynamic market.”
In February, UniCredit disclosed its 4.1% holding in Assicurazioni Generali, calling it a “pure financial investment”.
