Trading and Investment Companies will Increase Consumption of Cloud Services: Study Confirms

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While some traditional financial services companies have more slowly transitioned to the cloud, capital markets firms have embraced cloud computing across their entire value chains — front-, middle-, and back-office. We wanted to understand the dynamics behind this rapid adoption, the most common use cases, and the types of technology most in use, particularly as it relates to market data. Google Cloud commissioned Coalition Greenwich to survey 102 institutional capital markets professionals — at exchanges, trading systems, data aggregators, data producers, asset managers, hedge funds, and investment banks — in the United States, Canada, France, Germany, Italy, the Netherlands, Switzerland, and the United Kingdom.
Our research found that while there are many drivers, demand for easier accessibility is fueling widespread adoption of cloud-based market data services, and associated trading infrastructures, across the buy side and sell side. In fact, 68% of sell-side and buy-side users find it critical for market data providers to offer public cloud-based data services. At the same time, exchanges, market data providers, aggregators, and trading systems are embracing the cloud as a delivery model by offering access to data directly via their own cloud services, APIs or partners.
Here were five noteworthy takeaways from the study:
1. Cloud services are becoming ubiquitous for data delivery. Today, the cloud is pervasive, with 93% of exchanges, trading systems and data providers offering cloud-based data and services, according to surveyed executives. Moreover, 100% of those surveyed intend to offer new cloud-based services, such as derived data, in the next 12 months.

2. Commercial and investment banks are offering additional connectivity, real-time data feeds, and trading applications delivered via the cloud,demonstrating that it’s not only exchanges, trading systems, and data providers that are moving rapidly to the cloud. Internal use cases abound as well, with 67% of those surveyed consuming cloud-deployed market data, primarily for data analytics. 88% of surveyed sell-side firms intend to consume cloud-based market data services, with digital transformation, data science and quant research as the top use cases.

3. Buy side firms will consume even more cloud-deployed data. Today, 90% of surveyed buy-side firms are consuming cloud-deployed market data, mostly for portfolio management. 70% of buy-side firms intend to consume more public cloud-based market data services in the next 12 months, adding services such as compliance and regulatory reporting.

4. AI/ML, powered by cloud, is moving out of the pilot phase and into mainstream use. Today, 50% of exchanges, trading systems, and data providers are offering data products or services powered by AI/ML, and of those, 42% intend to offer AI-powered trade execution and trading analytics services in the next 12 months. Within commercial and investment banks, 55% said they are currently using AI/ML in the cloud, and while that was true for only 14% of overall buy-side respondents, 44% of large buy-side respondents are using it.

5. Exchanges, trading systems, and data providers are prioritizing public cloud for internal insights. 71% of these firms are using the public cloud, mostly for data transmission, processing, analysis, and long-term data storage. Over the next 12 months, 33% of new public cloud workloads will focus on data mining, data insights and advanced analytics, while 28% of new AI/ML tooling and infrastructure investments will focus on faster analytics and risk reviews, and 27% on data quality maintenance.

“We see new, dramatic shifts on the adoption of cloud across market data,” said David Easthope, Senior Analyst for Coalition Greenwich. “And we expect further proliferation of cloud-based services and greater consumption across the trading and investing lifecycle.”
Conclusions and future predictions
Based on the survey results, Coalition Greenwich predicts five following trends over the next 12 months:
- Exchanges and trading systems will continue to launch a wide array of new cloud-based and possibly cloud exclusive data services across derived data, end of day data, reference data and pricing data.
- Data providers will launch new data products such as pre-trade analytics powered by AI/ML in the cloud.
- Commercial and investment banks will offer additional connectivity, real-time data feeds, and trading applications delivered via the cloud.
- Buy-side firms will consume even more cloud-deployed data, including real-time market data, portfolio management data, and risk analytics.
- Exchanges, trading systems and data providers will explore proof-of-concepts around core systems on the cloud. Improvements to AI/ML tooling or infrastructure will ramp up as firms seek more rapid responses to risk initiatives.
To learn more about these findings, download our two full reports, The Future of market data: Distribution and consumption through cloud and AI and Exchanges and data providers: Prioritizing the cloud and AI for internal insights or our short infographic.
Research methodology
The survey was conducted online by Coalition Greenwich on behalf of Google Cloud from March 2021 to April 2021 among 102 executives in North America (n=82), EMEA (n=17) and other (n=3) who are employed full-time and who are participants or influencers in decisions around cloud and/or senior management with a role at a company which is an institutional asset manager, hedge fund, alternative investment manager, exchange and/or trading system, information provider, information aggregator, or other asset manager/asset owner. The survey included wide perspectives from a range of firm size and asset class focus, including equity, fixed income, FX, commodities, multi-asset, and other asset classes.
Foot Notes
1. We defined market data as direct feeds, consolidated feeds, terminal and desktop products, security and reference data, pricing data, historical data, alternative data, and index data.

How 20th Century Fox Uses Machine Learning to Gauge the Financial Performance of a Movie
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Success in the movie industry relies on a studio’s ability to attract moviegoers—but that’s sometimes easier said than done.
Moviegoers are a diverse group, with a wide variety of interests and preferences. Historically, movie studios have relied heavily on experience when deciding to invest in a particular script—but this can lead to huge risks, particularly when investing in new, original stories.
The iterative and complex process of matching stories and audiences is something that Julie Rieger, President, Chief Data Strategist and Head of Media, and Miguel Campo-Rembado, SVP of Data Science, together with their team of data scientists at 20th Century Fox, decided to clarify with data.
Together, Google Cloud and 20th Century Fox have built privacy-robust data partnerships to better understand moviegoers, and have developed in-house deep learning models that train on granular customer data and movie scripts to identify the basic patterns in audiences’ preferences for different types of films.
In 18 months, these models have become routine considerations for important business decisions, and provide one of their most objective, data-driven, and effective barometers to evaluate the tone of a movie, its affinity with core and stretch audiences, and its potential financial performance.
Find how machine learning helped achieve this (clue: it used movie trailers). Download the case study.
Maximize Efficiency in Document Extraction Models with Document AI Workbench GA Release

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Each day, more documents are created and used across companies to make decisions. However, the value in these documents is primarily expressed as unstructured data, which makes the value difficult and manually intensive to extract and use for business processes.
As the number and variety of documents used by businesses proliferate, machine learning (ML) solutions need to be more flexible to handle the broader set of use cases. That’s why we introduced the first Document AI Workbench model, Custom Document Extractor (CDE), in Public Preview at Google Cloud Next ‘22. CDE makes it fast and easy to apply ML to virtually any document-based workflow to extract structured data from unstructured document types, to automate business processes.
CDE lets developers and analysts use their own data to train models and extract fields from documents needed for the business. CDE lets organizations build models faster and with less data — thus accelerating time-to-value for processing and analysis of data in documents.
Today, we announce that Document AI Workbench is Generally Available (GA), open to all customers, ready for production use through APIs and the Google Cloud Console. Document AI Workbench is covered by the Document AI SLA — online and batch document prediction is supported with >=99.9% uptime. Furthermore, Document AI Workbench is now covered by Google Cloud’s GA product terms. For example, Google will notify customers at least 12 months before significantly modifying a customer-facing Google API in a backwards-incompatible manner.
In this blog post, we’ll explore ways customers are already using CDE and Document AI Workbench’s updated capabilities.
What users are saying about Workbench
Deliver higher model accuracy with Workbench
Users leverage Workbench to ultimately save time and money. A third party evaluated Document AI Workbench and concluded that it extracts data more accurately1 than several competing products for document types with variable layouts (e.g. invoice, receipt, bank statements, paystubs). Better accuracy drives higher automation rates, helping Workbench users save time and money.
Chris Jangareddy, managing director for Artificial Intelligence & Data at Deloitte Consulting LLP said, “Google Cloud Document AI is a leading document processing solution packed with rich features like multi-step classify and text extraction to automate sorting, classification, extraction, and quality assurance. By combining Document AI with Workbench, Google Cloud has created a forward-thinking and powerful AI platform for intelligent document processing that will allow for process transformation at an enterprise scale with predictable outcomes that can benefit businesses.”
Mansoor Khan, CEO of OneClinic said, “We help medical professionals scale their clinics through automation. We used Google’s Document AI Workbench to create a model to automatically extract data from patients’ insurance cards as part of our patient check-in software. Workbench is easy to use and we are really happy with the model accuracy — it extracts data more accurately than what we would expect from human data entry.”
Rajnish Palande, VP, Google Business Unit for BFSI, TCS said, “The Google Cloud Document AI Workbench leverages artificial intelligence (AI) to manage and glean insights from unstructured data. The Workbench brings together the power of classification, auto-annotation, page-number identification and multi-language support to help organizations rapidly deliver enhanced accuracy, improved operational efficiency, higher confidence in the information extract, and increased return on investment.”
Build production ready models faster with Workbench
Document AI Workbench helps users create machine learning models faster. For example, a third-party evaluation shows Document AI Workbench trains machine learning models up to 3x faster than a leading competitor. This is an important improvement which lowers total cost of ownership and increases value.
Dallas Dolen, Partner, Google Alliance Leader at PwC said, “Google Document AI Workbench helps to accelerate our custom parser models training as well as improves accuracy and performance using a custom document extractor with human in the loop. It helps us solve complex business problems for our clients in the financial services and healthcare industries.”
Ziang Jia, Senior DocAl Development Lead at Resultant, said, “Document AI Workbench has unlocked a brand-new machine learning development experience for information extraction solutions. Its simplicity and robustness enabled us to build models and deliver a highly accurate outcome in an agile way for a large government agency. We couldn’t be more impressed by its simplicity and robustness and are excited to see how the product will evolve in the future.”
Sean Earley, VP of Delivery Services of Zencore said, “Document AI Workbench allows us to develop highly accurate document parsing models in a matter of days. Our customers have automated tasks that formerly required significant human labor. For example, using Document AI Workbench, a team of two trained a model to split, classify and extract data from 15 document types to automate Home Mortgage Disclosure Act reporting. The mean trained model accuracy was 94%, drastically reducing the operational cost of our customer’s compliance reporting procedures.”
What’s new with Document AI Workbench
The latest Workbench capabilities make it even easier to train and deploy an extraction model:
- With Workbench’s public APIs, you can programmatically create, delete, train, evaluate and deploy models.
- Our updated dataset management tools automatically detect and create existing schema labels from your pre-annotated documents. They also provide you more flexibility when creating and managing schema.
- Our new DocAI Toolkit includes a labeled document converter so that you can easily convert your labeled documents to DocAI’s format and start training faster.
- We’ve reduced the cognitive load for labelers with efficiency enhancements to our Labeling UI.
- The revamped Processor Gallery helps you quickly identify the best model for your use case.
What’s next for Document AI Workbench
We continue to invest in Document AI Workbench to help you automate document processing. Here are a few things we’re working on that we’re excited about:
- Classify document types with the Custom Document Classifier (CDC), coming soon in public preview
- Copy processor versions across projects and processors to streamline managing development and production environments
- Support larger documents (e.g., longer than 50 pages) so you can process a wider array of documents
- Broader (non-latin) language support–equivalent to Document AI OCR
- And many more investments, using state of the art technology, to help you build world class models faster to automate document processing
Document AI Workbench is in GA and ready for production workloads. Learn more via Document AI Workbench documentation or try it out in the Google Cloud Console.
Acknowledgements: Tomas Moreno, Outbound Product Manager, Lukas Rutishauser, Software Engineering Manager, Michael Kwong, Software Engineering Manager, Rajagopal Janani, Software Engineering Manager, Michael Lanning, UX Designer.
1. When trained with 200+ documents
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CCAI Insights: Answer Customers’ Queries & Understand Them Better with Conversation Data
With CCAI Insights, businesses can drive contact center efficiency, solve customer problems and leverage data from customer interactions to understand them better!
CCAI Insights, a core piece of the Google Cloud’s Contact Center AI product suite is built to help contact center management dive into data to adjust business needs, preempt problems with timely analysis of customer conversations and keep agents prepared. Additionally, businesses can automatically feed data into Insights from other areas of CCAI like Dialogflow CX or another product sources. Watch the video to find out more benefits and capabilities of CCAI Insights in elevating CX.
A Road to Possibilities: Google Maps Platform Website

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For more than 15 years, developers have used Google Maps Platform to deliver location-based experiences to their end users and used location intelligence to optimize their businesses. Along this journey, we’ve made a variety of changes to better support our community as needs have changed and new industries and technologies have emerged. We started rolling out a new website experience, at https://mapsplatform.google.com, to help you better understand the products and solutions best suited to address your objectives. Plus, now you can directly connect to the developer documentation for each product to get started quickly, and you can visualize usage and associated costs to have a better idea of what to expect before getting started.
Getting to your solution faster
Maps, Routes, Places are building blocks that let you develop implementations for any use case. Building for specific use cases, however, typically requires using a combination of APIs and SDKs. To help you quickly understand what’s possible and what you need to build for your use case, you can now visit the solutions tab to select from a list of popular use cases or industries. Once you’ve selected a use case or industry, you’re taken to a page where you can explore relevant products, read helpful blog posts, see how other customers have deployed for similar use cases, and more.

Direct access to developer documentation
Did you know there are more than a thousand pages of developer documentation created to help you get started, unblock you when you’re stuck, and share best practices? Now when you explore a product or solution from the Google Maps Platform website, you can easily navigate back and forth between our website and documentation. Just tap on JS, iOS, Android or API under the product name to get to the documentation you need.

Budgeting for your project
To help you calculate pricing for your project, we’ve introduced a new pricing calculator. Once you find the product and API or SDK you plan to use, pull the slider to reflect your estimated number of monthly requests. This will automatically update the “monthly cost” column for each product and API or SDK you plan to use. If your estimated monthly requests exceed the slider limit, contact our sales team to learn about volume discounts that start at 20% off.

We hope our new website makes it easier to discover our products and solutions, estimate your budget, and start building with our documentation so you can deliver helpful experiences to your users and optimize your business.
For more information on Google Maps Platform, visit https://mapsplatform.google.com.
Google Cloud Named Leader of AI Infrastructure: Forrester Research

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Forrester Research has named Google Cloud a Leader in The Forrester Wave™: AI Infrastructure, Q4 2021 report authored by Mike Gualtieri and Tracy Woo. In the report, Forrester evaluated dimensions of AI architecture, training, inference and management against a set of pre-defined criteria. Forrester’s analysis and recognition gives customers the confidence they need to make important platform choices that will have lasting business impact.
Google received the highest possible score in 16 Forrester Wave evaluation criteria: architecture design, architecture components, training software, training data, training throughput, training latency, inferencing throughput, inferencing latency, management operations, management external, deployment efficiency, execution roadmap, innovation roadmap, partner ecosystem, commercial model, and number of customers.
We believe that Google’s vision to be a unified data and AI solution provider for the end-to-end data science experience is recognized by Forrester, through high scores in the areas of architecture and innovation. We are focused on building the most robust yet cohesive experience to enable our customers to leverage the best of Google every step of the way. Here are four key areas where Google excels, among the many highlighted in this report.
AI Infrastructure: Leverage the building blocks of innovation
When an organization chooses to run its business on Google Cloud, it benefits from innovative infrastructure available globally. Google offers users a rich set of building blocks such as Deep Learning VMs and containers, the latest GPUs/TPUs and a marketplace of curated ISV offerings to help architect your own custom software stack on VMs and/or Google Kubernetes Engine (GKE).
Google provides a range of GPU & TPU accelerators for various use cases, including high performance training, low cost inferencing and large-scale accelerated data processing. Google is the only public cloud provider to offer up to 16 NVIDIA A100 GPUs in a single VM, making it possible to train very large AI models on a single node. Users can start with one NVIDIA A100 GPU and scale to 16 GPUs without configuring multiple VMs for single-node ML training. Google also provides TPU pods for large-scale AI research with PyTorch, TensorFlow, and JAX. The new fourth generation TPU pods deliver exaflop-scale peak performance with leading results in recent MLPerf benchmarks which included a 480 billion parameter language model.
Google Kubernetes Engine provides the most advanced Kubernetes services with unique capabilities like Autopilot, highly automated cluster version upgrades, and cluster backup/restore. GKE is a good choice for a scalable multi-node bespoke platform for training, inference and Kubeflow pipelines, given its support for 15,000 nodes per cluster, auto-provisioning, auto-scaling and various machine types (e.g. CPU, GPU, TPU and on-demand, spot). ML workloads also benefit from GKE’s support for dynamic scheduling, orchestrated maintenance, high availability, job API, customizability, fault tolerance and ML frameworks. When a company’s footprint grows to a fleet of GKE clusters, its data teams can leverage Anthos Config Management to enforce consistent configurations and security policy compliance.
Comprehensive MLOps: Build models faster and more easily without skimping on governance
Google’s fully managed Vertex AI platform provides services for ML lifecycle management, from data ingestion and preparation all the way up to model deployment, monitoring, and management. Vertex AI requires nearly 80% fewer lines of code to train a model versus competitive platforms1, enabling data scientists and ML engineers across all levels of expertise to implement Machine Learning Operations (MLOps) so they can efficiently build and manage ML projects throughout the entire development lifecycle.
Vertex AI Workbench provides data scientists with a single environment for the entire data-to-ML workflow, enabling data scientists to build and train models 5x faster than traditional notebooks. This is enabled by integrations across data services (like Dataproc, BigQuery, Dataplex, and Looker), which significantly reduce context switching. Users are also able to access NVIDIA GPUs, modify hardware on the fly, and set up idle shutdown to optimize infrastructure costs.
Organizations can then build and deploy models built on any framework (including TensorFlow, PyTorch, Scikit learn or XGBoost) with Vertex AI, with built-in tooling to track a model’s performance. Vertex Training also provides various approaches for developing large models including Reduction Server to optimize bandwidth and latency of multi-node distributed training on NVIDIA GPUs for synchronous data parallel algorithms. Vertex AI Prediction is serverless, and performs automatic provisioning and deprovisioning of nodes behind the scenes to provide low latency online predictions. It also provides the capability to split traffic between multiple models behind an endpoint. Models trained in Vertex AI can also be exported to be deployed in private or other public clouds.Google’s strengths in its current offering are in architecture, training, data throughput, and latency. Its sweet spot is in its product offering, Vertex AI, which has core AI compute capabilities and MLOps services for end-to-end AI lifecycle management.
The Forrester Wave:™ AI Infrastructure, Q4 2021
In addition to building models, it is important to deploy tools for governance, security, and auditability. These tools are crucial for compliance in regulated industries, and they help teams to protect data, understand why given models fail, and determine how models can be improved.
For orchestration and auditability, Vertex Pipelines and Vertex ML Metadata tracks the inputs and outputs of an ML pipeline and the lineage of artifacts. Once models are in production, Vertex AI Model Monitoring supports feature skew and drift detection, alerting data scientists. These capabilities speed up debugging and create the visibility required for regulatory compliance and good data hygiene in general.For explainability, Vertex Explainable AI helps teams understand their model’s outputs for classification and regression tasks. Vertex AI tells how much each feature in the data contributed to the predicted result. Data teams can then use this information to verify that the model is behaving as expected, recognize bias in the model, and get ideas for ways to improve the model and training data.
These services together aim to simplify MLOps for data scientists and ML engineers, so that businesses can accelerate time to value for ML initiatives.
Security: Protect data while keeping ML pipelines flowing
The Google stack builds security through progressive layers that deliver defense in depth. To accomplish data protection, authentication, authorization and non-repudiation, we have measures such as boot-level signature and chain-of-trust validation.
Ubiquitous data encryption delivers unified control over data at-rest, in-use, and in-transit, with keys that are held by customers themselves.
We offer options to run in fully encrypted confidential environments utilizing managed Hadoop or Spark with Confidential Dataproc or Confidential VMs.
Partner Ecosystem: Work with world-class AI specialists
Google works with certified partners globally to help our customers design, implement and manage complex AI systems. We have a growing list of partners with Machine Learning specializations on Google who have demonstrated customer success across industries, including deep partnerships with the largest Global System Integrators. The Google Cloud Marketplace also provides a list of technology partners who allow enterprises to deploy machine learning applications on Google’s AI infrastructure.
Our dedication to being your partner of choice for ML Needs
Leading organizations like OTOY, Allen Institute for AI and DeepMind (an Alphabet subsidiary) choose Google for ML, and enterprises like Twitter, Wayfair and The Home Depot shared more about their partnership with Google in their recent sessions at Google Next 2021.
Establishing well-tuned and appropriately managed ML systems has historically been challenging, even for highly skilled data scientists with sophisticated systems. With the key pillars of Google’s investments above, organizations can build, deploy, and scale ML models faster, with pre-trained and custom tooling, within a unified AI platform.
We look forward to continuing to innovate and to helping customers on their digital transformation journey. To download the full report, click here. Get started on Vertex AI, learn what’s upcoming with infrastructure for AI and ML at Google here, and talk with our sales team.
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