Google Maps Platform Can Elevate FinTech Experience with Less Risks and Higher Security - Build What's Next
Case Study

Google Maps Platform Can Elevate FinTech Experience with Less Risks and Higher Security

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Financial services firms can use Google Maps Platform for higher CX, better security and lesser risk! See these two case studies of fintech companies responding to customers preferences and our technical guidance on utilizing Google Maps Platform.

The financial services industry is changing—an estimated $68 trillion in wealth transferring from baby boomers to millennials.1 This means financial service providers will have to deliver the speed, ease-of-use, technological sophistication, and tailored services that millennials have come to expect. In fact, half of all millennials are willing to switch to a competing institution if it offers a better digital experience.2 This and many other trends are driving unprecedented growth for mobile Fintech experiences in banking, digital payments, financial management and insurance.3

Google Maps Platform financial services solutions

To help you respond to customer’s changing demands, we’re launching financial services solutions that can help you improve your customer experience, security and operations. We’ve outlined the technical guidance and APIs you need to build out three financial services solutions: Enriched Transactions, Quick and Verified Sign-up, and Branch and ATM Locator Plus. We’ve also highlighted two use cases that customers are using our APIs to solve: Contextual Experiences and Fraud Detection. 

Clarify financial statements with Enriched Transactions solution

Transaction statements are often hard for customers to understand, using abbreviations like “ACMEHCORP” instead of customer-facing names like “Acme Houseware”. Our Enriched Transactions solution clarifies these transactions and makes them instantly recognizable by adding the merchant name and business category, a photo of the storefront, its location on a map, and full contact info. Making transactions easier to recognize not only boosts consumer confidence, with reported increases in NPS of 15% or higher, but decreases costly support calls by approximately 67%.4

In addition, you can help customers easily visualize a series of transactions by adding the merchant name to the transaction amount and date, and displaying their transactions on a Google map. This enables you to give customers insights about where and how they spend money. See the guide to implement Enriched Transactions today.

Enriched transactions - before
Before: Traditional transaction summary
Enriched transactions - after
After: Enriched Transactions view

Enable faster sign-up with Quick and Verified Sign-up solution

Manually entered addresses can lead to lowered conversions, erroneous customer data, and costly delivery mistakes. Our Quick and Verified Sign-up solution makes sign-up faster, suggesting nearby addresses with just a few thumb taps—cutting sign-up time by up to 64% and increasing conversion rates by up to 15%. 

The solution also provides one additional level of address verification that helps reduce the risk of fraudulent account sign-ups—and companies have decreased fraudulent account setups by approximately 30% through using geospatial data to verify customer identities.4  See the Quick and Verified Sign-up solution guide to get started today.

  • Faster sign-ups 1An application form requires an address
  • Faster sign-ups 2Autocomplete quickly suggests addresses
  • Faster sign-ups 3Select the address with visual confirmation
  • Faster sign-ups 4Address verification options are presented
  • Faster sign-ups 5Location permission is granted by the user
  • Faster sign-ups 6The address is verified

Help customers visit you with Branch and ATM Locator Plus solution

74% of customers now search for specific details prior to their visit, which makes detailed, accurate profiles for each location a must.5 Our Branch and ATM Locator Plus solution enhances your own websites and apps with the same information shown about your branches and ATMs on Google Maps. Include hours of operation, available services, user reviews, photos of the location, driving directions and more.

Financial services companies using geospatial data to provide additional information (e.g. opening hours, available services, etc.) on branch and ATM services have seen a 14% increase in Net Promoter Score (NPS), and a 7% decrease in customer support calls.4  Implement Branch and ATM Locator Plus today using the guide or build it in minutes with Quick Builder.

  • ATM locator 1Customers can enable location permissions, or enter their address
  • ATM locator 2Quickly enter the address with Autocomplete
  • ATM locator 3Nearby location listings, ranked by distance and ETA
  • ATM locator 4Map view and directions

Enable offers and rewards with Contextual Experiences                    

Real-time, geo-targeted offers can power deals, rewards, and cash-back programs—all visualized with rich Google Maps. By combining the insights of purchase histories with customer opt-in to location-based features, companies can implement the Contextual Experiences use case to enable personalized offers and rewards programs that drive engagement with brands while putting money in customers’ pockets at the same time.This is a win for banks and their customers, validated by encouraging metrics like NPS rating boosts of 8% or higher, and an increase of 8% or more time spent in-app.4  Learn how Current uses Google Maps Platform to create innovative customer rewards programs with location intelligence.

Contextual experiences 1
Present nearby offers
Contextual experiences 2
Connect the customer to the offer they want

Detect suspicious transactions with Fraud Detection

With the Fraud Detection use case, companies can use customer opted-in mobile device location to flag suspicious activity based on geographic distance, such as an ATM withdrawal that is far from the customer’s phone. Our APIs can also help companies recognize suspicious transaction patterns such as a purchase made at a location that is physically distant from a recent transaction. 

Financial services companies that use geospatial data to verify customers’ identities have reduced fraudulent transactions by approximately 70%, and false positives in fraud detection by 45%, on average.4  Learn how Starling Bank uses Google Maps Platform to enable real-time notification of transactions and their locations, and enhance data-driven decision-making.

Start elevating customer experiences, reducing risk and increasing efficiency today with our financial services offerings. Visit our financial services solutions page to learn more about how to start implementing these solutions.

For more information on Google Maps Platform, visit our website.

How-to

Manage Packages Using Artifact Registry in Google Cloud Functions with Private Dependencies

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After the announcement of Artifact Registry for GCP customers, we will be sharing how you can manage packages on Artifact Registry in Google Cloud function with a private dependency. Read blog to learn more!

Late last year, we announced that Artifact Registry was going GA, allowing GCP customers to manage their packages within the same platform as they were being deployed. In this blogpost, we want to show you how to do exactly that with a private dependency.

Private dependencies allow your packages to be shared with only a select group of viewers. If your codebase is already private, a private dependency can help modularize functionality using the same methodologies you use in your open source projects. Furthermore, you can experimentally develop your private dependency without breaking your overall codebase by pinning the version of the dependency on a working release. It can also provide necessary and durable abstraction if multiple projects depend on the same functionality. It does so by allowing multiple teams access to up-to-date and tested code rather than relying on copying and pasting fragmented code snippets.

With Artifact Registry, you can now wire together your serverless processes with your private dependencies without ever leaving Google Cloud Platform. This blogpost will discuss one example of how you can host your private dependency and later deploy to a serverless host like Google Cloud Functions using Cloud Build to automate the deployment.

Before getting started, take a look at the sample code here to copy and follow along.

Creating a package

Let’s walk through deploying a Google Cloud Function with a simple private dependency written in Node. Our example dependency will return the input given in unicode. It’s index.js file will look like this:

  const unicode = require('to-unicode');
 
// This function returns the input in unicode.
module.exports = (input) => {
  return unicode(input);
};

First, you’ll want to prepare your package to upload to Artifact Registry. For Node, this package should have a package.json file, which should dictate the entry point and information about the package. You can create a simple one like the one below by running the command npm init -y

For the name of the package you should specify your scope. A scope allows you to group packages, which is helpful if you want to publish a private package; alternatively, publishing without a scope would make the repository public by default. In this blogpost, we’re going to use the scope @example, but you should name it after your private dependency’s group (i.e., your company, team or project).

  {
 "name": "@example/blog-repo",
 "version": "1.0.0",
 "description": "A sample repository for blogpost demonstration purposes.",
 "main": "index.js",
 "scripts": {
   "test": "echo \"Error: no test specified\" && exit 1",
   "artifactregistry-login": "npx google-artifactregistry-auth"
 },
 "author": "Blogpost Authors",
 "license": "ISC",
 "devDependencies": {
   "google-artifactregistry-auth": "^2.1.0"
 },
  "dependencies": {
   "to-unicode": "^1.0.2"
 }
}

Another important detail in this file is that the devDependencies property contains the dependency for authenticating to the google artifact registry. To authenticate, you will use the command in the scripts section later in this tutorial.

Uploading the package to Artifact Registry & setting up authentication

Follow the instructions on these guides for creating an npm package repository on Artifact Registry, without configuring npm or pushing the repository. Next, you’ll want to configure the .npmrc file. To do so, simply add an empty file titled .npmrc, which should live at the base of your repository. To configure this file to deploy to the registry you just created, run the following command, and add the output to the .npmrc file. (Note: you may need to install the Google Cloud SDK before running the command.)

gcloud alpha artifacts print-settings npm –scope=@example 

repository=blog-repo —location=”us-central1”

Copy that output into your .npmrc file. Ultimately, it should look like this, substituting <projectId> for your Google Cloud Platform project ID.

  @example:registry=https://us-central1-npm.pkg.dev/<projectId>/blog-repo/
//us-central1-npm.pkg.dev/<projectId>/blog-repo/:_authToken=""
//us-central1-npm.pkg.dev/<projectId>/blog-repo/:always-auth=true

Then, you can push the package to the artifact repository. To do so, run this command (ensuring that you’ve copied the scripts portion from the package.json file above):

npm run artifactregistry-login <path to your .npmrc file>

This command allows you to refresh your access token when pushing your repository.

Then, simply publish by running:

npm publish

You can confirm you’ve deployed your library by searching for the repo in Artifact Registry in your Google Cloud Platform dashboard. 

Setting up your Google Cloud Function

Once you have set up a repository in Artifact Registry, you can start to build your applications on top of it. Take a simple serverless example, like a Google Cloud Function:

  const unicode = require('@example/blog-repo');
const escapeHtml = require('escape-html');
 
exports.mygcf= (req, res) => {
   res.send(`Hello ${escapeHtml(unicode(req.query.name || req.body.name || 'World'))}!`);
};

This simple Cloud Function uses our private dependency to print out “Hello World” to the specified URL in unicode (it actually uses the same example in this tutorial). But how will Cloud Function successfully pull the private dependency? By using the .npmrc file you created in your original repository.

To see it in action, follow instructions for creating a simple Google Cloud Function. You can follow the tutorial exactly, ensuring that the following three key elements are in your function:

  1. When you create the index.js file (as done in the tutorial), it should live at the base of the repository, and should use the private dependency you’ve set up in artifact registry (like the example above),
  2. Its package.json should list:
  • Your dependency with the version as listed in Artifact Registry
  • A script to authenticate with artifact registry (just as for your dependency)
  {
 "name": "mygcf",
 "version": "1.0.0",
 "description": "",
 "main": "index.js",
 "scripts": {
   "test": "echo \"Error: no test specified\" && exit 1",
   "artifactregistry-login": "npx google-artifactregistry-auth .npmrc"
 },
 "author": "",
 "license": "ISC",
 "dependencies": {
   "escape-html": "^1.0.3",
   "@example/blog-repo": "1.0.0",
   "ini":: "^2.0.0"
 }
}
  1. And, most importantly, you should copy over your .nmprc file to the base of this Google Cloud Function to authenticate your npmrc token.

Then, you can deploy the function using the following command:

gcloud functions deploy mygcf --runtime nodejs12 --trigger-http --allow-unauthenticated

To see it in action, simply follow the http trigger link (from the tutorial) and check out your input in unicode.

Automate and protect your Cloud Function

The command above will deploy the function, but it does so by exposing your token in your .npmrc file, and by forcing you to manually re-authenticate each time you redeploy the function. To automate the redeployment of the function in a safe manner, you can add a cloudbuild.yaml file to the root of your Cloud Function package.

First, let’s start by creating a helper function to modify the .npmrc file. You should save the following file to the root of your Cloud Function package, and name it npmrc-parser.js:

  const fs = require('fs');
const ini = require('ini');
 
function main(pathToAuthToken, pathToNpmrc) {
   const config = ini.parse(fs.readFileSync(pathToNpmrc, 'utf-8'));
   const token = config[pathToAuthToken];
   config[pathToAuthToken] = "${TOKEN}";  
   fs.writeFileSync(pathToNpmrc, ini.stringify(config));
   console.log(token);
   return token;
}
 
const args = process.argv.slice(2);
main(...args);

Next, let’s create the file cloud build file. To do so, copy the following file in the root of your directory, and title it cloudbuild.yaml:

  steps:
 - name: node
   entrypoint: npm
   args: ['run', 'artifactregistry-login']
 - name: node
   entrypoint: npm
   args: ['install']
 - name: node
   entrypoint: /bin/bash
   args:
     - -c
     - |
       token=$(node npmrc-parser.js ${_PATHTOTOKEN} ${_PATHTONPMRC})
       echo $token
       echo $token > _TOKEN
 - name: gcr.io/cloud-builders/gcloud
   entrypoint: /bin/bash
   args:
     - -c
     - |
       gcloud functions deploy "${_FUNCTIONNAME}" \
         --trigger-http \
         --runtime nodejs12 \
         --allow-unauthenticated \
         --set-build-env-vars TOKEN="$(cat _TOKEN)"

The first two steps of the build file will authenticate your private dependency, and install all dependencies on the project. The third step will call the custom helper function we created above to prepare your .npmrc file. This function takes two arguments, pathToAuthToken, and pathToNpmrc. The pathToAuthToken is the left-hand side of the authToken assignment in your .npmrc file. It should look something like this, replacing projectId with your own project:

"//us-central1-npm.pkg.dev/<projectId>/blog-repo/:_authToken"

The pathToNpmrc would be wherever you’ve saved your .npmrc file. In this case, the value would look like so:

".npmrc"

This build step removes the token value on the file and saves it to a variable, and replaces the .npmrc file with the environment variable TOKEN. So, the Cloud Function never stores the actual token in the source code, and the .npmrc file that is saved locally looks like this:

@example:registry=https://us-central1-npm.pkg.dev/<projectId>/blog-repo/

//us-central1-npm.pkg.dev/<projectId>/blog-repo/:_authToken=””

//us-central1-npm.pkg.dev/<projectId>/blog-repo/:always-auth=true

The last step in the build file redeploys the function, replacing the environment variable in the .npmrc file with the token value we just created. To run the build steps, you can set up a trigger, or run the following command manually, replacing the variables as we’ve described above:

gcloud builds submit --config=cloudbuild.yaml \ --substitutions=_PATHTOTOKEN="<PATHTOTOKEN>",_PATHTONPMRC="<PATHTONPMRC>",_FUNCTIONNAME="<CLOUDFUNCTIONNAME>"

Before running, make sure you’ve set the appropriate permissions for your Cloud Build function.

That’s all there is to it! Once set up this way, your Google Cloud Function can pull in your private dependency from Artifact Registry without hosting on any external package managers, and without any manual deployment steps.

Automate publishing your private dependency 

To speed up the deployment of your local package to Artifact Registry, you can also add a Cloud Build file to your Artifact Registry package that will trigger a publishing event when changes are saved to your package. You can follow the setup steps here, but here is a snippet of a sample cloudbuild.yaml file that would live in your private dependency:

  steps:
- name: gcr.io/cloud-builders/npm
 args: ['run', 'artifactregistry-login']
- name: gcr.io/cloud-builders/npm
 args: ['publish','${_PACKAGE}']

What about other languages and runtimes?

Even though this blog post focuses on Node.js, Cloud Functions and Artifact Registry support other runtimes as well, like Python and Java. For example, with Python the steps for deploying the module to Python aren’t much more complicated than Node. Once you’ve readied your private dependency and published to Artifact Registry, you can start creating a Google Cloud Function like the one above, but in Python. Next, you will want to fetch and package these dependencies locally. 

Blog

WebGL-powered Features to Build Next-generation Mapping Experience

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Google announces the release of beta version of Tilt and Rotation, and Webgl Overlay View at the Google I/O 2021. WebGL Overlay View gives the rendering context to build experiences that were previously impossible with Maps JavaScript API.

At Google I/O 2021, we announced the beta release of Tilt and Rotation, and Webgl Overlay View, which give you a fundamentally new way to build mapping experiences. You may be familiar with the existing Overlay View feature of the Maps JavaScript API that lets you render in a transparent layer that sits on top of the map. For years, developers have been using Overlay View to draw in two dimensions over the top of the map, but for as much as you can do with Overlay View, it only allows you to render on a transparent layer that effectively floats above the map.

In contrast, WebGL Overlay View gives you direct hooks into the lifecycle of the exact same WebGL rendering context we use to render the vector basemap. This means that for the first time ever, you can performantly render two and three dimensional objects directly on the map, enabling you to build experiences that were previously impossible with the Maps JavaScript API.https://www.youtube.com/embed/9eycQLef6iU?enablejsapi=1&

Today, we’re going to give you a quick overview of the new WebGL-powered features of the Maps JavaScript API, so that you have all the knowledge you need to get started creating next generation mapping experiences.

What is WebGL?

WebGL is a low-level browser API, originally authored by the Mozilla Foundation, that gives you access to the rendering and processing power of the graphics processing unit (GPU) on client devices, such as mobile phones and computers, in your web apps. On its own, the browser is not able to handle the heavy computation needed to render objects in 3D space, but using WebGL it is able to pass those processes off to be handled by the GPU, which is purpose built to handle such computations.

To learn more about WebGL, check out the documentation from the Khronos Group, the designers and maintainers of WebGL.

Requirements

To use WebGL Overlay View, you’ll need a Map ID with the vector map enabled. It’s also strongly recommended that you enable Tilt and Rotation when you create your Map ID, otherwise your map will be constrained to the default top-down view – in short, you won’t be able to move your map in three-dimensions. 

To learn more about using Map IDs and the vector map, see the documentation.

Setting Tilt and Rotation

To load your map with a set tilt and rotation, you can provide a value for the `tilt` and `heading` properties when you create the map:

  const mapOptions = {
  mapId: "15431d2b469f209e",
  tilt: 0,
  heading: 0,
  zoom: 17,
  center: {
    lat: -33.86957547870852, 
    lng: 151.20832318199652
  }
}
const mapDiv = document.getElementById("map");
const map = new google.maps.Map(mapDiv, mapOptions);

Tilt is specified as a number or float in degrees between 0 and 67.5, with 0 degrees being the default straight down view and 67.5 being the maximum tilt. The available  maximum tilt also varies by zoom level. 

The rotation is set in the heading property as a number or float between 0 and 360 degrees, where 0 is true north.

You can also change the tilt and rotation programmatically at runtime whenever you want by calling `setTilt` and `setHeading` directly on the map object. This is useful if you want to change the orientation of the map in response to events like user interactions.

  map.setTilt(45);
map.setHeading(180);

In addition, your users can manually control the tilt and rotation of the map by holding the <shift> key and dragging with the mouse or using the arrow keys.

For more information on Tilt and Rotation, see the documentation.

Adding WebGL Overlay View to the Map

WebGL Overlay View is made available in the Maps JavaScript API by creating an instance of `google.maps.WebglOverlayView`. Once an instance of the overlay is created, you simply need to call `setMap` on the instance to apply it to the map.

  const webglOverlayView = new google.maps.WebglOverlayView;
webglOverlayView.setMap(map);

To give you access to the WebGL rendering context of the map and handle any objects you want to render there, WebGL Overlay View exposes a set of five hooks into the lifecycle of the WebGL rendering context of the vector basemap.

Here’s a quick rundown:

  • `onAdd` is where most of your pre-processing should be done, like fetching and creating intermediate data structures to eventually pass to the overlay. The reason to do all of that here is to ensure you don’t bog down the rendering of the map.
  • `onRemove` is where you’ll want to destroy all intermediate objects, though it would be nice if you did it sooner.
  • `onContextRestored` is called before the map is rendered and is where you should initialize, bind, reinitialize or rebind any WebGL state, such as shaders, GL buffer objects, etc.
  • `onDraw` is where we actually render the map, as well as anything that you specify in this hook. You should try to execute the minimal set of draw calls to render your scene. If you try to do too much here you’ll bog down both the rendering of the basemap and anything you’re trying to do with WebGL, and trust me, no one wants that.
  • `onContextLost` is where you’ll want to clean up any state associated with pre-existing GL state, since at this point the WebGL context will have been destroyed, so it’ll be garbage.

To implement these hooks, set them to a function, which the Maps JavaScript API will execute at the appropriate time in the WebGL rendering context lifecycle. For example:

  webglOverlayView.onDraw = (gl,
coordinateTransformer) => { //do some
rendering }

For more information on using WebGL Overlay View and its lifecycle hooks, check out the documentation.

Creating Camera Animations

As part of the beta release of WebGL Overlay View, we’re also introducing `moveCamera`, a new integrated camera control that you can use to set the position, tilt, rotation, and zoom of the camera position simultaneously. Like `setTilt` and `setHeading`, `moveCamera` is called directly on the `Map` object.

By making successive calls to `moveCamera` in an animation loop you can also create smooth animations between camera positions. For example, here we are using the browser’s `requestAnimationFrame` API to change the tilt and rotation each frame:

  const cameraOptions = {
  tilt: 0,
  heading: 0
}
function animateCamera () {
  cameraOptions.tilt += 1;
  cameraOptions.heading += 1;
  map.moveCamera(cameraOptions);
}
requestAnimationFrame(animateCamera);

Plus, all of these adjustments, including zoom, support floats, which means not only can you control the camera like never before, you can also do it with a high degree of precision.

For more information on `moveCamera`, see the documentation.

Give it a tryYou can try the new WebGL-powered features of the Maps JavaScript API right now by loading the API from the beta channel. We’ve got a new codelab, and documentation with all the details, as well as sample code and end-to-end example apps to help you get started. Also, be sure to check out our feature tour and travel demos to learn more and play with a real implementation of these features.

Webgl Image 1

And let us know what you think by reporting through our issue tracker. We need your bug reports, your feature requests, and your feedback to help us test and improve the new WebGL-based map features. 

Have fun building with the map in 3D—we can’t wait to see the amazing things you’ll build.
For more information on Google Maps Platform, visit our website.

Trend Analysis

Cloud and AI Paves the Future of Finance: Excerpts from FIA Boca 2022

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Majority of businesses in the financial markets offer services on cloud. As cloud consumption mostly increases over the next few months, there are new ways technologies can help lay the foundation for the finance industry. Read more!

Financial markets were among the first to adopt new technologies, and that has certainly been true of the derivatives markets, which were early adopters of electronic trading. Going forward, new capabilities will transform the way industry participants communicate, analyze, and trade.

I sat down with Google Cloud’s Phil Moyer and former SEC Commissioner, Troy Paredes, for a fireside chat at FIA Boca 2022 to discuss the future of markets and policy, the new technologies that are already paving the way for greater speed and transparency, and how cloud can help promote greater resiliency, performance, and security to enable the long-term vision for the market. The following is a summary of our discussion.

The current state of cloud technology


When it comes to technology adoption, we’re seeing the market and participants adopt cloud technologies, and increasingly, machine learning (ML) on a wider scale. Cloud technology allows for easier, faster, and much more secure experimentation with large datasets and ML.

A recent Google sponsored study by Coalition Greenwich (September, 2021) showed that more than 93% of trading systems, exchanges, and data providers are in some way providing services on the cloud. The same study, revealed that about 72% of the financial industry across the buy side and sell side, intend to consume public cloud-data based market data within the next 12 months.

Data-driven decision-making and risk management have always been, and continue to remain, the cornerstones of the financial markets. Over time, technology innovation has facilitated access to better insights from data, and therefore, better decision-making and the ability to manage risk. That expectation is now mainstream, and will continue to grow in sophistication.

The multi-phased technology trajectory


The movement of exchanges to the cloud will occur in a “crawl-walk-run” fashion, with low-hanging fruits the first to be picked in the near term while bigger, paradigmatic changes will occur over the medium and long term. Some organizations are starting all three stages simultaneously, understanding that each will move at an independent cadence.

The “crawl” phase is one in which foundations are built, starting with organizations moving data to the cloud and experimenting with some degree of analytics. It’s one of the most important phases because it’s where the opportunity to increase transparency and risk management takes shape.

In moving to the cloud, the infrastructure – which in the past relied on a combination of people, processes, and some technology – becomes the code that runs applications. This early phase is key to empowering organizations to shift to a cloud-based, agile-first operating model that makes it easier and more seamless to launch new products in the future, including by freeing up people and resources from IT management to more mission-focused work.

Establishing the cloud operating model simplifies the “walk” and “run” phases where compliance is more automated, latency-sensitive applications are more readily available, and the next generation of exchanges, market participants, and regulators is better prepared to meet future challenges.

The “walk” phase is where much of the innovation happens. Exchanges are making significant progress in leveraging foundational data decisions in the “crawl” phase and innovations in the cloud to improve settlement, clearing, risk management, collateral management, and compliance, and launch new products.

And finally, the “run” phase is where organizations will start to move the latency-sensitive markets to the cloud, as the markets increasingly will demand low-latency and high performance along with transparency and analytics to solve historical obstacles to market access.

Opportunities for both regulators and market participants


Any time significant technological change takes place, regulators explore its implications, particularly with respect to their ability to meet their regulatory objectives.

Increasingly, we are seeing technological change driving more opportunities for regulators and market participants alike. Such changes may also allow better protection of the marketplace, with greater integrity and transparency.

Over time, regulatory regimes – rules, regulations, statutes, interpretations, and guidance – will also adjust to new technologies, both benefiting the marketplace and advancing regulatory goals.

As one example, the cloud is increasing the ability to meet compliance obligations by allowing compliance to be built into transactions. Moreover, predicated on the vision of real-time regulatory reporting, and given the pace of technological change in the marketplace over the last several years, various regulators have been using more advanced analytics. This trend will continue to help them more effectively and efficiently meet their objectives, and monitor and meet the expectations they have for the entire market.

Machine learning’s role in the financial markets


Google Cloud’s head of AI and Industry Solutions, Andrew Moore, said that ML will be doing three key things for us in the next 10 years: giving us meaning, providing concierge services, and serving as a guardian. Extracting information that is critical to investor decision-making can be extremely important. With more data than ever, ML can increase the ability to process it while also becoming more accessible in the cloud and better supporting regulatory objectives.

The technology will likely manifest in trading and anti-money laundering activities as they relate market functions, as well as managing a wide variety of risks – supporting the interests of both investors and regulators in terms of decision-making, surveillance, and protections.

Rather than taking individuals out of the equation, the digitization of markets, assets, and guard rails combined with ML will allow people to focus their expertise in different ways to achieve key objectives.

Building the market foundation for the future


The goals of operational resiliency, security, and privacy will continue to be critical for building the market foundation for both participants and regulators. While technology promises to create advantages in concrete, tangible ways, it will be important to scrutinize potential risks and concerns.

Priority one for technology providers is to build an environment of trustless security, including encryption at motion and encryption at rest, ensuring that markets are operationally resilient while instilling confidence for any exchange that runs on top of that infrastructure. Multicloud architectures and approaches are likely also to be part of the solution for operational resilience.

Throughout time, liquidity has been the outcome of improved access, transparency, and security. Technology providers are responding by sharing both the responsibility for, and fate of, the markets of the future to build an efficient, faster, and more transparent and secure financial industry.

You can learn more about our approach in our newest white paper, Building the financial markets foundation for the future.

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Guide: How to Accelerate App Development with Google Cloud

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Case Study

PaGaLGuY Turns to Google Cloud Platform to Power Leading India Education Network

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With Google Cloud Platform, PaGaLGuY has provided a more personalised, engaging experience for users to drive growth and increase revenue.

Founded in 2006, PaGaLGuY started as a forum that enabled students, typically aged between 20 and 30 to discuss and seek advice on academic issues. By 2011, PaGaLGuY had increased its traffic to about 250,000 page views per month. The business is now one of India’s largest education networks and provides an app that users can download to their Android and iOS devices.

Over the past six years, PaGaLGuY has extended its service to include video advice from experts on education topics and grown the number of views of its pages to 1.5 million per day. As Head of Technology for the business, Sandeep Kalidindi has played a key role in ensuring PaGaLGuY is as engaging as possible to users. “Because the product is advertising based, the greater the user engagement, the greater the advertising revenue,” Kalidindi explains.

Google Cloud Platform Results

  • Supported growth to 1.5 million page views per day and demand spikes that see requests increase from about 90 per second to about 1,200 per second
  • Reduced API latency from about 1 second to about 40 milliseconds
  • Reduced system administration time from three to four days per week to 30 minutes every two weeks

In 2015, PaGaLGuY’s senior management team decided to deliver an even more relevant experience for users of the education network. “The core thing we had to do was personalise the experience for each and every student that visited PaGaLGuY,” Kalidindi says. “So we had to capture each student’s data to customise what they see when they open the site.”

The business also found traffic to the network was straining its infrastructure. During demand peaks, created by exams involving as many as 5 million students, PaGaLGuY would be inaccessible for periods of 30 minutes to one hour. Furthermore, average API latency had climbed to an unacceptable 1 second, compromising performance.

PaGaLGuY needed to access extensive compute resources to undertake its planned change. Had the business relied on a physical technology architecture to undertake the transformation, it would have had to purchase capacity equivalent to 16 new servers. “There was no way with a small team we could grow to that extent in a short time,” Kalidindi says. “This was the right moment for us to explore cloud services.”

The business established two primary requirements the selected cloud service needed to meet. First, PaGaLGuY had to be able to scale the platform with costs rising only in proportion to the increase in resources consumed. Accordingly, the business would have to minimise the number of employees required to manage the cloud environment. Second, the platform had to give PaGaLGuY easy access to student data and the ability to undertake prompt, granular analysis.

PaGaLGuY reviewed available public cloud services and determined that Google Cloud Platform (GCP) was the best fit for its business. “Google Cloud Platform was considerably more mature than the alternatives, with a high degree of automation and a suite of managed services,” Kalidindi says. PaGaLGuY management then discussed with Google how to optimise cost, performance and availability of its personalised education network on GCP.

With assistance from Google and business transformation specialists Searce, PaGaLGuY was able to deliver the platform into production on GCP in 10 months. “Searce was very proactive in ensuring the environment met our needs and allowing us to gain priority access to Google services in development,” Kalidindi says. “Their team was integral to the success of the migration.”

PaGaLGuY has been running in production in GCP for two years. The education network’s GCP architecture comprises a scalable back-end built on Google App Engine; a managed environment for its containerised applications in Google Kubernetes Engine; messaging-oriented middleware through Google Cloud Pub/Sub; a relational database in Google Cloud SQL; a managed data analytics warehouse running in Google BigQuery; stream and batch data processing through Google Cloud Dataflow; and object storage in Google Cloud Storage.

PaGaLGuY has leveraged GCP services to break down its platform application from a monolithic build to a series of microservices running in Google App Engine that enable independent deployment cycles, minimise test and quality assurance overheads and provide clearer monitoring and logging.

Running on GCP has enabled PaGaLGuY to add new personalisation features and grow fourfold without having to add any new engineers or administrators to accommodate the increased traffic. The business has also used the platform to seamlessly collect and aggregate students’ data for analysis, reporting and delivering a more targeted user experience. Furthermore, PaGaLGuY has been able to provide its management team with direct access to Google BigQuery to scrutinise data rather than require them to wait at least a day to view reports created by the product or technology teams.

Support demand peaks of 1,200 requests per second

“Thanks to Google Cloud Platform, we can easily support demand peaks that see requests per second rise from an average 90 per second to about 1,200 per second for as long as 45 minutes,” Kalidindi says. Due to GCP’s scalability, PaGaLGuY can ensure its education network remains available and performance remains consistent during those periods.

Latency cut to 40 milliseconds

The business has also reduced average API latency from 1 second to about 40 milliseconds. Furthermore, using GCP has enabled PaGaLGuY to automate most of its processes and reduce system administration requirements from three to four days a week across its team members to about half an hour per week.

The performance of GCP has transformed PaGaLGuY’s culture and processes. “Once our team was exposed to Google Cloud Platform and understood the superiority of the platform, our mindset changed from ‘let us do everything on our own’ to ‘let us do what we do best’ and delegate the remainder,” Kalidindi says. The quality of the service provided by GCP means PaGaLGuY effectively considers the cloud provider as part of its team. “We are always eager to see what new services are being launched and are extremely excited about what Google Cloud Platform can provide as part of its roadmap.” he concludes.

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