Google sits “side by side” with regulators to identify potential regulatory problems.

Derek White, vice president of global financial services at Google Cloud, said the tech giant performs its own audits and explains how Google fits into an organization’s tech environment.

“We work very closely with financial institutions, and with regulators sitting side by side with them,” White told Bank Automation News.

Google’s chief information security officer, Phil Venables, came to the tech company from Goldman Sachs, where he served as board director, chief operational risk officer and in a variety of other risk-related roles, White pointed out. “He understands financial institutions; he’s run operational risk, cybersecurity. He understands what it’s like to operate that in one of the best biggest financial institutions in the world.”

Google strives to understand compliance concerns to both customers and regulators, and to explain how its tools fit into the regulatory landscape, White added.

Similarly, Microsoft this month told BAN that it works closely with regulators, even sitting down with regulators on behalf of customers to explain how its technology fits in with bank regulations. For its own part, IBM now also offers a hybrid cloud solution it designed with regulations in mind.

But Google has gone further and helped banks not just automate, but reinvent and rebuild processes, said White. For instance, the tech company is exploring how to overhaul the home buying experience to “create the equivalent of the one-hour mortgage experience,” White said. Specifically, it’s looking at how it can apply its photo tool to documents and PDFs, White noted.

“One thing that we see in banking is that there’s still a lot of paper,” White said, adding that the company already has document AI capabilities that “is generations beyond typical optical character recognition,” and which it could apply to the lending experience.

Google is also leveraging its technology to “reinvent” is the application of its machine learning technology to automate HSBC’s liquidity reporting process. Regulatory reporting and other data analytics that once took days now takes hours and minutes to perform, White said.

White also highlighted the company’s recent launch of an HSBC internal chatbot that helps employees to ensure compliance on risk policies. “Now they have 14 chatbots in waiting, because the rest of the organizations have seen the interest in it,” White said.

Google also made headlines earlier this year for its work with Bank of New York Mellon, running anonymized data in the cloud to fine tuning the algorithms the bank uses to identifying trade failures.

Google isn’t just leveraging its cloud, data and AI capabilities to automate banking processes, however. In the past year, Google has announced “strategic” partnerships with Deutsche Bank, the Germany-based Commerzbank, and the Sweden-based SEB bank, to offer new revenue-generating products.

“The current focus in the partnership is around new services,” SEB Chief Information Officer Nicolas Moch told BAN. “However, we are also looking at some cases that are more automation driven, like document handling within the alternative investment business and virtual agents in our call centers.”

Google stock was trading at $2,299.93 as of market close, up 2.10% from market open. It has a market capitalization of $1.56 trillion.