Macquarie Bank taps Google Cloud for AI work

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Latest phase of multi-year partnership.

Macquarie Bank is set to open a new stage of its long-running work with Google Cloud, focused on embedding AI and machine learning in its customer-facing operations.

Macquarie Bank taps Google Cloud for AI work

The bank said in a statement that it saw AI and ML technology as an important enabler “to deliver further personalisation at the individual level”, and that engineers from both the bank and Google Cloud are working on enhancements.

This will include adding capabilities to the digital banking app that enables customers to “forecast their personalised cashflow over the next 12 months”; be prompted of the need to make a regular transfer of funds; and to automate certain functions, such as splitting a salary payment between different types of accounts.

For Macquarie’s benefit, the AI and ML-based work will also cover “loan application and payment fraud detection”, and the bank’s customer service operations.

“Macquarie will work with Google Cloud to embed AI and ML functionality across its customer service functions,” it said.

“This includes generative AI use cases in its contact centre with ‘smart agent’ capabilities, and in a range of risk management processes to further enhance the protection of its 1.8 million Australia-based customers.”

Macquarie’s banking and financial services (BFS) group head Greg Ward said that years of setting foundations in Google Cloud meant being “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 personalised digital experiences to all of our personal banking customers through new AI and ML-enabled features and functionality,” Ward said.

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