Goldman Sachs – Digital Transformation Strategies
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Goldman Sachs – Digital Transformation Strategies Overview
Goldman Sachs has been leveraging the capabilities of artificial intelligence (AI) and machine learning (ML) to accelerate its business operations and mitigate risks. The annual ICT spending of Goldman Sachs was estimated at $1.7 billion in 2022. A major share of this spending is earmarked for acquiring ICT services, software, and hardware from vendors. Goldman Sachs is a multinational financial institution that offers a variety of investment banking, consumer banking, securities, and investment management services to individuals, governments, financial institutions, and corporations across the world. Goldman Sachs operates through four business segments: Global Markets, Asset Management, Investment Banking, and Consumer & Wealth Management. Global Markets generates revenues from financing and intermediation activities. Investment Banking offers corporate lending, underwriting, and financial advisory activities. Asset Management generates revenues from lending and debt investments, equity investments, incentive fees, and management and other fees.
The Goldman Sachs Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, ICT spending among others.
Digital Transformation Strategies
Goldman Sachs is leveraging the capabilities of artificial intelligence (AI) and machine learning (ML) to accelerate its business operations and mitigate risks. The bank has a comprehensive cybersecurity strategy to protects its systems and data – and its customers’ data – from cyberattacks. The bank has implemented a formal cybersecurity program that complies with the National Institute of Standards and Technology Cybersecurity Framework and the Financial Services Sector Cybersecurity Profile.
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Goldman Sachs Technology Theme Focus
Goldman Sachs is utilizing a number of emerging technologies including AI, ML, big data, cloud, cybersecurity, blockchain, and robo-advice to improve operational efficiency, reduce costs and improve the services offered to its customers.
Goldman Sachs Technology Focus
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Goldman Sachs Technology Initiatives
Goldman Sachs forged several strategic technology partnerships and collaborations, technology developments and roll outs, acquisitions, and technology investments over the past few years.
For instance, in 2022, Goldman Sachs and IIT Kharagpur partnered to develop AI, ML, and natural language processing techniques for a variety of use cases in the financial services industry. The partners plan to focus on developing deep learning techniques that can train systems to read and summarize financial documents and identify important narratives.
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Goldman Sachs ICT Spend by Function
- Communications
- Data center
- Network
- Application
- End-user computing
- Service desk
- Management
Goldman Sachs ICT Spend by Function, 2022
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Goldman Sachs ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/Consulting firms
- Specialist outsourcers
- Systems integrators
Goldman Sachs ICT Spend by Channel, 2022
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Goldman Sachs External ICT Spend by Segment
- ICT services
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- Network and communications
- Consulting
- Others
Goldman Sachs External ICT Spend by Segment, 2022
For more insights on external ICT spending by segment, download a free report sample
Goldman Sachs Digital Transformation Strategies Overview
Total ICT Spending 2022 | $1.7billion |
ICT Spend by Function | Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management |
ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators |
External ICT Spend by Segment | ICT services, Software (including Cloud SaaS), Hardware (including Cloud Iaas), Network and communications, Consulting, and Others |
Technology Theme Focus | AI, ML, big data and cloud |
Scope
This report provides:
- Insight into Goldman Sachs’s technology activities.
- Insights of its digital transformation strategies and technology center & innovation program.
- Overview of technology initiatives covering partnerships, investments, and acquisitions.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets and major ICT contracts.
Reasons to Buy
- Gain insights into Goldman Sachs’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships, investments and acquisitions.
Derivative Path
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Goldman Sachs in 2022?
The annual ICT spending of Goldman Sachs was estimated at $1.7 billion in 2022.
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Which was the leading ICT spending category by function for Goldman Sachs?
Communications was the leading ICT spending category by function for Goldman Sachs in 2022.
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Which was the leading ICT spending category by channel for Goldman Sachs?
Internal development and maintenance was the key ICT spending category by channel for Goldman Sachs in 2022.
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Which are the leading external ICT spending category by segment for Goldman Sachs?
Software was the key external ICT spending category by segment for Goldman Sachs in 2022.
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