UniCredit has formalised a memorandum of understanding (MoU) for a 10-year agreement with Google Cloud to drive its digital transformation across 13 European markets.
This partnership focuses on advancing the bank’s digital infrastructure and improving service offerings through Google Cloud’s advanced capabilities in infrastructure, AI, and data analytics.
Under the MoU, UniCredit aims to transition its application landscape, including legacy systems, to Google Cloud’s scalable platform. This shift is expected to provide a unified foundation for UniCredit’s operations, enhancing agility and scale essential for growth and innovation.
The banks in UniCredit’s network will progressively migrate to Google Cloud, which offers the technological flexibility needed for market expansions or acquisitions.
UniCredit also plans to utilise Google Cloud’s Vertex AI platform and Gemini models to develop new services, optimise internal processes, enhance customer interactions, and strengthen financial crime prevention measures.
Unicredit CEO Andrea Orcel said: “This strategic partnership with Google Cloud is a pivotal step in our strategy to be the bank for Europe’s future.
“In line with our single-partner approach for strategic collaborations, we have sought out the best and now we are all in with them in the pursuit of excellence.
“Google Cloud’s cutting-edge cloud, artificial intelligence (AI) and data analytics capabilities, will empower our ongoing digital transformation – further enhancing our customer offerings, streamlining our operations, and fostering a new era of data-driven innovation.”
The agreement extends beyond cloud solutions, establishing a strategic business partnership that allows UniCredit to explore additional services from Google divisions, such as the Google Maps Platform. This collaboration is said to represent a significant step in UniCredit’s digital transformation journey.
Employee development remains a key component of this strategy. Google Cloud will provide extensive digital skills training for UniCredit employees across its markets.
This initiative aims to equip staff with the necessary skills to adapt to cloud and AI-driven banking environments.
Alphabet and Google president and chief investment officer Ruth Porat said: “AI is unlocking immense opportunities for business transformation and growth, offering significant economic advantages to organizations that proactively embrace its potential.
“We are proud to partner with UniCredit as it looks to modernise operations, bring new, innovative offerings to customers, ensure the most robust platform for growth and support its sustainable growth ambitions.”
