The new partnership will see CaixaBank using Google Cloud’s technology to develop new services and drive innovation.

In addition, the collaboration will enable both companies to explore the use of Google Cloud technology, which can support CaixaBank’s strategy in several areas, including sustainability.

Luis Javier Blas, CaixaBank’s chief operating officer, said: “We have added Google Cloud to our bank’s ecosystem of innovation partners in order to work together to advance data analytics and support digital transformation across the organization.

“Today, the complex analysis of information offers great potential in multiple areas of activity when combined with new technologies, such as artificial intelligence and cloud computing”, Blas said. “CaixaBank has always been the sector’s benchmark in innovation. By partnering with Google Cloud, we will drive data-based innovation and enhance our capabilities.”

A profitable year for CaixaBank

The announcement comes after a profitable first quarter for CaixaBank. In May, the company reported a 21% year-on-year rise in net profit to €855m, boosted by higher lending, deposits and improved margins.

The bank’s cloud-based strategy seeks to improve data analysis and leverage AI and machine learning (ML) technology. At the end of April, it took part alongside 16 other European companies in a European research consortium focused on improving AI sustainability.

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Funding for the project came from the European Commission, which proposed the first worldwide legislation on artificial intelligence –the AI Act – in April 2021.

Isaac Hernandez, Iberia country manager at Google Cloud, welcomed the partnership with CaixaBank.

“Google Cloud aims to help CaixaBank gain sustained differentiation in an increasingly competitive market”, Hernandez said. “Our data analytics, artificial intelligence, and machine learning tools will help CaixaBank meet dynamic market needs and expectations by unlocking strategic insights to create real value for its customers.”