AI agents shift financial services from infrastructure to impact

Almost all institutions now use AI to boost efficiency and customer experience.

AI is redefining how financial institutions operate, with 99% now using it to enhance efficiency and customer experience. According to Maxim Afanasyev, Financial Services Industry Lead, JAPAC, Strategic Industries at Google Cloud, the cloud’s role in the sector is shifting away from purely supporting IT infrastructure to driving tangible business outcomes.

“It is not anymore a purely IT infrastructure discussion. It is all about how to solve their business problems using something which goes beyond just the technology,” Afanasyev said.

He explained that the transformation now follows a layered approach: infrastructure forms the foundation, followed by data and AI tools, with the most critical layer being “repeatable, production-ready solutions and AI agents to the FSI business goals.”

Google Cloud’s “brand protection” uses Gemini to scan bank websites and flag suspected fakes. “If we find any similar website… we do inform the financial institution that there is potentially a fake website,” Afanasyev said. Once confirmed, major browsers covering 98% of the market block access via Safe Browsing — “a game changer in how the banks are able to stop phishing attacks,” he added.

In insurance, Afanasyev noted that research shows up to 30% of treatments are unnecessary or excessive. “This is where Gen IA and AI agents become extremely powerful to identify those over-serving and notify our insurers or engage through the collaborative chatbots with the clinics to ask for the clarifications,” he said. The technology can flag anomalies — such as treatments typically given to elderly patients being prescribed to much younger ones — and prompt checks for potential over-servicing.

Afanasyev urged financial institutions to start their AI journey without delay, ensuring initiatives are driven by business objectives rather than solely by IT. He emphasised the importance of engaging expert support to implement solutions in compliance with regulations and industry best practices.