Unlocking banking transformation with Finxact and Google Cloud

Whether digital natives or incumbents, smart financial institutions are discovering that the partnership between Google Cloud and Finxact provides a clear pathway to the future of banking. By building on the foundation of Finxact’s proven banking core on Google Cloud, these organizations know they can leverage Google Cloud’s resiliency, elasticity, scale, and security for their most mission-critical applications. At the same time, they gain access to industry-specific solutions and a robust ecosystem of partnerships to help them meet growing customer demands with innovative new products and services. 

Why Google Cloud for modernizing core banking

Google Cloud has developed a number of solutions to support the financial services industry, and we continue to empower transformation and growth with ongoing innovation. More than cost savings and convenience, digital transformation is about empowering teams with insights to drive continuous innovation and scale. That’s why organizations across the financial ecosystem solve their biggest challenges with Google Cloud.

Google Cloud provides multiple industry solutions that support financial services use cases across three core pillars: Accelerate growth & revenue, Operational & cost efficiency, and Risk & regulatory compliance.

Accelerate growth & revenue

• Customer Data Platform prepares banks for the privacy-centric future of customer engagement by supporting predictive marketing, digital commerce, and core banking modernization.
• Embedded Finance (Apigee) connects contextualized financial services within any customer service offering with an Apigee-based industry solution for powering embedded finance and open banking to extend core banking services wherever customers need them.

Operational & cost efficiency

• Document AI Platform lets financial institutions extract structured data from documents and analyze, search and store this data. 
• Contact Center AI helps banks delight customers with human-like, AI-powered contact center experiences to lower costs and free up human agents so they can provide expert assistance for complex cases.

Risk & regulatory compliance

• Financial Regulatory Reporting scales regulatory reporting with a BigQuery-based solution that streamlines and automates the management of financial and risk data.
• High-Performance Compute (HPC) for Risk lets banks and other financial services organizations Get all the high-performance computing (HPC) resources they need to calculate and simulate value-at-risk (VaR), in real time or on-demand, without building the server farm.

Our partnership with Finxact

Finxact has built the only real-time, cloud-native core banking system of record with an open banking API that meets the scale and performance requirements of the largest US financial institutions. This architecture delivers the most crucial component of the core abstracted from ancillary functions such as mobile banking, unified communications, branch, item processing, and statements — providing maximum flexibility for innovation.

The partnership between Finxact and Google Cloud runs deep. Finxact is written in Go, the modern runtime language authored by Google, and it leverages Google Cloud technologies like Apigee (API management), Google Kubernetes Engine (GKE), and Security Command Center (SCC) to provide highly secure, scalable, interoperable, and extensible services to its customers. Together, we provide a single platform that can support a hybrid and multi-cloud strategy to get the most value from banking data for insights, innovation, and exceptional customer experiences while meeting strict security and compliance needs. 

By deploying Finxact on Google Cloud, banks can also take advantage of real-time visibility into operations, allowing banks to make informed decisions quickly and easily. Meanwhile, Google Cloud helps banks fuel data-driven transformation with speed, scale, and security by leveraging our built-in AI and ML capabilities, including BigQuery and Vertex AI.

BetaBank: Improving access to capital for small businesses

BetaBank recently announced its FDIC application to become one of the first digitally native banks built from the ground up using Finxact’s core open banking API solution on Google Cloud. BetaBank founder Seke Ballard identified technology as the key to removing bias from small and midsize business (SMB) lending, creating an AI algorithm to weigh risk and calculate qualification of an SMB loan application with more accuracy, speed, and at a lower cost than traditional banks.

Ballard and his team selected Google Cloud and Finxact to provide a scalable, secure infrastructure upon which to grow BetaBank’s business and networks, and the tools to support regulatory compliance, fraud prevention, and overall security. 

A partnership at the core of modern banking

As customers like BetaBank are discovering, the partnership between Finxact and Google Cloud is revolutionizing core banking. By leveraging the capabilities of each partner, banks can benefit from increased security, scalability, and reliability while rapidly developing new products and services, improving customer experiences, and increasing efficiency. With hybrid and multi-cloud flexibility, your cloud strategy won’t be locked down. Instead, your institution will keep pace in today’s open playing field with a platform for innovating and migrating while evolving at your own pace.

Learn more about the ways in which Google Cloud is transforming financial services.