Cloud for Value with Maxim Afanasyev, Financial Services Industry Lead at Google Cloud

How do we elevate our perspective of the cloud from merely a technological tool boosting efficiency, to a strategic ally that addresses key business challenges? Maxim Afanasyev, Financial Services Industry Lead at Google Cloud, shares his insights on the transformative approach of 'cloud for value' within the financial sector. This approach requires shifting focus from an infrastructure-centric view to embracing a strategy enriched with digital, data, and AI innovations. He articulates how this transition is not only reshaping the way financial services operate but also tackling the intricate regulatory landscapes that financial institutions navigate.  Discussion Highlights:Cloud Transformation in Financial Services: Maxim explains the concept of cloud transformation, illustrating its impact on financial institutions and how it enables them to better serve stakeholders like clients and regulators.From Cloud for Infrastructure to Cloud for Value: The evolution from traditional cloud services to a more value-driven approach, focusing on innovation, real-time data processing, and solving complex business problems.The Ethical Implications and Strategic Uses of AI in Finance: The transformative role of AI in the financial sector, highlighting ethical considerations, the importance of transparent and responsible AI deployment, and how AI is being strategically used. Case Study: HSBC's Anti-Money Laundering Initiatives: AI and cloud technologies are revolutionizing approaches to anti-money laundering, significantly reducing false positives while improving detection rates.Addressing Regulatory Concerns and Risks: Maxim shares how Google Cloud navigates the complexities of regulatory compliance and security concerns, ensuring financial institutions can adopt cloud solutions without compromising on governance.Customizing Cloud Journeys: We discuss the necessity for financial services to develop bespoke cloud adoption strategies that cater to their distinctive needs.  For more info on this, check out BCG’s article "Financial Institutions Need to Pursue Their Own Path to the Cloud.” Singapore's Regulatory Environment: Explore how Singapore is leading by example in fostering innovation through a 'Digital-first' regulatory approach and how this impacts the financial services industry and compares to the EU AI Act. The Future of Banking with Cloud Technology: Maxim forecasts the long-term effects of cloud-driven digital transformation on banking, including enhanced customer experiences, operational efficiencies, and regulatory compliance.About Fintech Files:Are you ready to unravel the most innovative trends disrupting the world of Fintech today? Join us on Fintech Files from BCG Platinion, where we delve deep into the dynamic landscape of Fintech, NeoBanks, and the Digital Banking world, sparking insightful conversations with industry disruptors from around the globe. So, what are the most groundbreaking trends shaping the future of Fintech, and how will they impact your financial world? Fintech Files takes an accessible approach to technology. We break down complex topics and have our guests explain them in a relatable "explain it to your grandma" style. In every episode, we focus on real-world stories of how financial technology operates, demystifying complex concepts and making them relatable for both Fintech enthusiasts and professionals.The Hosts of Fintech Files:Hosted by