When it comes to the adoption of artificial intelligence (AI), we have reached a tipping point. Technologies that were once accessible to only a few are now broadly available. This has led to an explosion in AI investment. However, according to research firm McKinsey, for AI to make a sizable contribution to a company’s bottom line, they “must scale the technology across the organization, infusing it in core business processes” — and based on conversations with our customers, we couldn’t agree more.

While investments in pure data science continue to be essential for many, widespread adoption of AI increasingly involves a category of applications and services that we call AI agents. These are technologies that let customers apply the best of AI to common business challenges, with limited technical expertise required by employees, and include Google Cloud products like Document AI and Contact Center AI. Today, at Google Cloud Next ‘22, we’re announcing new features to our existing AI agents and a brand new one with Translation Hub.

“AI is becoming a key investment for many companies’ long term success. However, most companies are still in the experimental phases with AI and haven’t fully put the technology into production because of long deployment timelines, IT staffing needs, and more,” said Ritu Jyoti, group vice president, worldwide AI and automation research practice global AI research lead, at IDC. “Organizations need AI products that can be immediately applied to automate processes and solve business problems. Google Cloud is answering this problem by providing fully managed, scalable AI agents that can be deployed fast and deliver immediate results.”

Translation Hub: An enterprise-scale translation AI agent

At I/O this year, we announced the addition of 24 new languages to Google Translate to allow consumers in more locations, especially those whose languages aren’t represented in most technology, to help reduce communication barriers through the power of translation. Businesses strive for the same goals, but unfortunately it is often out of reach due to the high costs that come with scaling translation.

That’s why today, we are announcing Translation Hub, our AI agent that provides customers with self-service document translation. With 135 languages, Translation Hub can create impactful, inclusive, and cost-effective global communications in a few clicks.

With Translation Hub, now researchers are able to share their findings instantly across the world, goods and services providers can reach underserved markets, and public sector administrators can reach more members of their communities in a language they understand — all of which ultimately help make for a more connected, inclusive world.

Translation Hub brings together Google Cloud AI technology, like Neural Machine Translation and AutoML, to help make it easy to ingest and translate content from the most common enterprise document types, including Google Docs and Slides, PDFs, and Microsoft Word. It not only preserves layouts and formatting, but also provides granular management controls such as support for post-editing human-in-the-loop feedback and document review.

“In just three months of using Translation Hub and AutoML translation models, we saw our translated page count go up by 700% and translation cost reduced by 90%,” said Murali Nathan, digital innovation and employee experience lead, at materials science company Avery Dennison. “Beyond numbers, Google’s enterprise translation technology is driving a feeling of inclusion among our employees. Every Avery Dennison employee has access to on-demand, general purpose, and company-specific translations. English language fluency is no longer a barrier, and our employees are beginning to broadly express themselves right in their native language.”

Document AI: A document processing AI agent to automate workflows

Every organization needs to process documents, understand their content, and make them available to the appropriate people. Whether it’s during procurement cycles involving invoices and receipts, contract processes to close deals, or for general increases in efficiency, Document AI simplifies and automates various document processing. With two new features launching today, Document AI can allow employees to focus on higher impact tasks and better serve their own customers.

For example, payments provider Libeo used Document AI to uptrain an invoice parser with 1,600 documents and increase its testing accuracy from 75.6% to 83.9%. “Thanks to uptraining, the Document AI results now beat the results of a competitor and will help Libeo save ~20% on the overall cost for model training over the long run,” said Libeo chief technology officer, Pierre-Antoine Glandier.

Today, we’re announcing these new features to our existing Document AI agent:

• Document AI Workbench can remove the barriers around building custom document parsers, helping organizations extract fields of interest that are specific to their business needs. Relative to more traditional development approaches, it requires less training data and offers a simple interface for both labeling data and one-click model training.
• Document AI Warehouse can eliminate the challenges that many enterprises face when tagging and extracting data in documents by bringing Google’s Search technologies to Document AI. This feature can make it simpler and easier to search for and manage documents like workflow controls to accommodate invoice processing, contracts, approvals, and custom workflows.

Contact Center AI: A contact center AI agent to improve customer experiences

Scaling call center support can be expensive and difficult, especially when implementing AI technologies to support representatives. Contact Center AI is an AI agent for virtually all contact center needs, from intelligently routing customers, to facilitating handoffs between virtual and human customer support representatives, to analyzing call center transcripts for trends and much more.

Just days ago, we announced that Contact Center AI Platform is now generally available to provide additional deployment choice and flexibility. With this addition to Contact Center AI, we are furthering our commitment to providing an AI agent that can assist organizations to quickly scale their contact centers to improve customer experiences and create value via data-driven decisions.

Dean Kontul, division chief information officer at KeyBank, had this to say about powering their contact center with Contact Center AI from Google Cloud: “With Google Cloud and Contact Center AI, we will quickly move our contact center to the Cloud, supporting both our customers and agents with industry-leading customer experience innovations, all while streamlining operations through more efficient customer care operations.”

Start delivering business results with AI agents, today!

If you’re ready to get started with Translation Hub, this Next ‘22 session has the details, including a deeper dive into Avery Dennison’s use of the AI agent.

To learn more about our Document AI announcements, check out our session with Commerzbank, “Improve document efficiency with AI,” as well as “Transform digital experiences with Google AI powered search and recommendations.”

And, to explore Contact Center AI Platform, watch “Delight customers in every interaction with Contact Center AI,” featuring more insight into KeyBank’s use case.

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.

We’re partnering with Coursera, one of the largest online learning platforms in the world, on a new ML Academy to help you sharpen your machine learning (ML) skills and learn about the latest ML technologies from Google Cloud at no-cost. The academy has three core components for you to take advantage of in July and August:

Join the ML Academy webinar to get started

Our July 22 webinar will kick off the ML Academy. During the webinar, Audrey Holmes, Senior Data Scientist at Coursera, will discuss the current market for individuals with ML skills. We will discuss key challenges ML practitioners are facing and how Google Cloud’s products and solutions are addressing these challenges. Doug Kelly, Google Cloud’s Head of AI Learning Services Portfolio, will discuss the best ways to gain ML skills and share a demo of how to train and serve a custom TensorFlow model on Vertex AI, Google Cloud’s machine learning model training and development platform. You’ll have an opportunity to ask questions throughout the webinar. 

After the webinar, you’ll receive an email with a one month free* offer from Coursera for the new Preparing for Google Cloud Certification: Machine Learning Engineer Professional Certificate. Can’t attend the webinar live? You can watch the webinar on-demand after July 22 and the offer can be claimed until August 31, 2021. 

Keep growing your ML skills with Coursera

There are nine courses in the Preparing for Google Cloud Certification: Machine Learning Engineer Professional Certificate. The courses will cover ML fundamentals, introduction to TensorFlow, production ML systems, and more to help you prepare for the Google Cloud Professional Machine Learning Engineer certification exam. The courses will include labs so you can apply the concepts you’re learning and gain real world experience. 

Demonstrate your skills with badges 

To access even more labs and gain skill badges along the way to demonstrate your knowledge, sign up for the skills challenge. When you select the ML and AI skills challenge track, you’ll get 30 days free access to labs that will walk you through BigQuery, AI Platform, ML APIs, Explainable AI, and more. 

To earn a skill badge, you’ll need to complete the labs and take a final assessment to test your skills. You’ll have the chance to earn three skill badges through the challenge: Perform Foundational Data, ML, and AI tasks; Integrate with Machine Learning APIs; and Explore Machine Learning Models with Explainable AI. 

Ready to join the ML Academy? Sign up for the July 22 webinar here to get started. 

^{*This offer is only available for those who have never previously paid for Coursera. A credit card is required to activate your first month free. After the first month is over, your subscription will auto-renew to a $49 monthly charge until you cancel your Coursera subscription.}