Google Cloud Announces Cloud-First Partnership with KeyBank

Rhea-AI Summary

Google Cloud, KeyBank, and Deloitte have announced a strategic partnership aimed at enhancing KeyBank's cloud-first banking approach. This partnership will see KeyBank migrate its primary platforms to Google Cloud, aiming for a transformation in client services and operational efficiency by 2025. KeyBank will utilize Google Cloud's AI and data solutions to offer personalized digital banking experiences, including the integration of Contact Center AI to improve client interactions. Deloitte will assist in this migration, unlocking significant business value and growth capabilities.

Positive

• Partnership with Google Cloud enhances KeyBank's operational capabilities.
• Migration to Google Cloud expected to improve customer experience and service delivery.
• Utilization of advanced AI technologies and data solutions to personalize banking services.
• Deloitte's involvement facilitates effective migration and integration.

Negative

• None.

SUNNYVALE, Calif., and CLEVELAND, Ohio, Feb. 3, 2022 /PRNewswire/ -- Google Cloud, KeyBank, and Deloitte today announced an expanded, multi-year strategic partnership to accelerate KeyBank's commitment to a cloud-first approach to banking.

Through this long-term partnership, KeyBank will become one of the largest regional banks in the United States to operate its primary platforms and applications on Google Cloud infrastructure, allowing the financial institution to transform the way it develops, operationalizes, and delivers digital experiences to clients, partners and teammates—with security at its core.

"We've enjoyed a long-standing relationship with KeyBank, and this expansion will evolve how the bank serves its clients," says Thomas Kurian, CEO of Google Cloud. "By tapping the best of Google Cloud technologies, data, infrastructure, and machine learning, KeyBank can embrace the benefits of the cloud and create compelling experiences for new and existing users."

"Through our co-innovation with Google Cloud, we have built and quickly scaled cutting-edge digital services for our clients with security at the core," says Amy Brady, Chief Information Officer, KeyCorp. "For nearly 200 years, we've put our clients first. With Google Cloud, we're also becoming cloud-first." 

KeyBank will leverage Google Cloud's advanced data solutions and artificial intelligence (AI) technologies to enhance the bank's already client-first approach with more flexible, personalized digital banking experiences that meet client needs faster and more securely. For example, KeyBank will use Google Cloud's conversational AI virtual agent, Contact Center AI, to provide more natural and accurate interactions to solve client needs—such as feeding call center agents information about a customer's pending charges and a specific FAQ before they are even connected.

KeyBank's expanded partnership with Google Cloud builds on its successful history of being early adopters of Anthos, Google's multi- and hybrid-cloud management platform, and Kubernetes, a Google-created open source cloud software solution, to power its digital properties and apps. KeyBank also launched its first digital healthcare-focused bank, Laurel Road for Doctors, on Google Cloud last year, enabling healthcare professionals to get access to digital banking products tailored to their specific needs.

"Google, KeyBank, and Deloitte bring together a shared vision of innovation, utilizing modern engineering techniques to digitize banking processes and accelerate KeyBank's exit of traditional data centers to Google Cloud," said Janet Foutty, Executive Chair of the Board at Deloitte US.

As KeyBank's systems integrator, Deloitte will help facilitate and optimize KeyBank's migration from data centers to Google Cloud. The effort will unlock significant business value for

KeyBank by enabling the rapid launch of products, and advancing new high-growth capabilities, including fraud prevention, machine learning, data analytics, anti-money laundering and more.

Under the agreement, KeyBank will migrate its infrastructure to Google Cloud beginning this year and will eventually move the majority of its products and services to the cloud by 2025.

About KeyCorp
KeyCorp's (NYSE: KEY) roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $186.3 billion at December 31, 2021. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank is Member FDIC. ©2021. KeyCorp. CFMA #211207-1355131

About Google Cloud
Google Cloud accelerates organizations' ability to digitally transform their business with the best infrastructure, platform, industry solutions and expertise. We deliver enterprise-grade solutions that leverage Google's cutting-edge technology – all on the cleanest cloud in the industry. Customers in more than 200 countries and territories turn to Google Cloud as their trusted partner to enable growth and solve their most critical business problems.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies. Our people come together for the greater good and work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Building on more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 345,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements can be identified by words such as "outlook," "goal," "objective," "plan," "expect," "anticipate," "intend," "project," "believe," "estimate" and other words of similar meaning. Forward-looking statements represent management's current expectations and forecasts regarding future events. If underlying assumptions prove to be inaccurate or unknown risks or uncertainties arise, actual results could vary materially from these projections or expectations. Factors that could cause Key's actual results to differ from those described in the forward-looking statements can be found in KeyCorp's Form 10-K for the year ended December 31, 2020, as well as in KeyCorp's subsequent SEC filings, all of which have been filed with the Securities and Exchange Commission and are available on Key's website (www.key.com/ir) and on the Securities and Exchange Commission's website (www.sec.gov). Forward looking statements speak only as of the date they are made and Key does not undertake any obligation to update the forward-looking statements to reflect new information or future events.

 

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SOURCE Google Cloud

FAQ

What is the significance of the partnership between KeyBank and Google Cloud?

The partnership enhances KeyBank's cloud-first banking strategy, enabling improved operational efficiency and client services through advanced technologies.

When will KeyBank migrate to Google Cloud?

KeyBank will begin migrating its infrastructure to Google Cloud in 2022 and aims to complete the transition by 2025.

How will the partnership affect KeyBank's digital services?

The partnership allows KeyBank to leverage AI and data solutions from Google Cloud, resulting in more personalized and efficient digital banking experiences.

Who is assisting KeyBank in its migration to Google Cloud?

Deloitte is serving as the systems integrator to facilitate and optimize KeyBank's migration to Google Cloud.

What technologies will KeyBank use as part of the partnership?

KeyBank will utilize Google Cloud's AI technologies, including Contact Center AI, to enhance customer interactions and service delivery.