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As the global market for Big Data analytics in banking is forecast to grow by an annual rate of more than 22% until 2026, banks are increasingly aware of the importance of partnering with established market players to embed Big Data tools.
No industries have been left untouched by the disruptive impact of COVID-19 and few companies had prepared for the impact this would have on their business. Despite this, companies still needed to make sure they were meeting the demands of their consumers and AI played an integral role in doing so.
“Looking ahead, we expect that the increased use of cloud will help market participants of all shapes and sizes perform their FX functions on a daily basis cheaper and more efficiently, and that time to market, customisation abilities and remote accessibility will continue to be necessary requirements of a sophisticated workflow.”
Deutsche Bank and Google Cloud have signed a multi-year strategic partnership to fast-track the bank’s cloud migration in what is being heralded a landmark agreement between a major cloud provider and large financial services organisation.
US banks have already made 40 deals with fintech companies this year despite economic uncertainty surrounding COVID-19, according to a new report.
CB Insights analysed equity investments made by US banks to private fintech companies since 2010, revealing the most active US banks to be Goldman Sachs, Citigroup and JP Morgan Chase & Co.