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NVIDIA and Deutsche Bank have announced a partnership on a plethora of AI projects to offer services for banking, including avatars, risk management language models on a larger scale, and detecting fraud, according to Gil Perez, Head of Cloud and Innovation Network at Deutsche Bank. The partnership will be exploring uses cases to support Deutsche Bank's strategic ambitions to 2025 and beyond.
NVIDIA joins forces with Deutsche Bank to enhance services in the financial sector with artificial intelligence
Deutsche Bank has used AI for categorizing payments, safety, and dynamic pricing, which has been a more enclosed approach and less full implementation. Risk models, however, are controlled by human resources in the metaverse along with GPUs and high-performance computing stacks. Deutsche Bank hopes for enhancements to existing applications from partnering with NVIDIA and new technology advancements that only the company can provide the financial institution.
AI, ML and data will be a game changer in banking, and our partnership with NVIDIA is further evidence that we are committed to redefining what is possible for our clients.
— Christian Sewing, CEO, Deutsche Bank
"Financial transformers," or "finformers," are specific language models focused on financial texts that will activate warnings and allow the detection of fraudulent transactions more efficiently.
Researchers at NVIDIA have already showcased the FinMegatron financial transformer earlier this year, while Deutsche Bank has looked at FinBERT.
"Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud,” said NVIDIA founder and CEO Jensen Huang. “Every aspect of future business will be supercharged with insight and intelligence operating at the speed of light.
“Together with Deutsche Bank, we are modernizing and reimagining the way financial services are operated and delivered,”
— Jensen Huang, CEO, NVIDIA
NVIDIA AI Enterprise, the company's AI software suite in its third generation, will be heavily utilized by Deutsche Bank. Traders can calculate and handle risk and scenarios faster, making banking more efficient and energy conscious. Additionally, 3D avatars will assist employees by leading them through the internal banking systems, answering most questions that another human would typically answer on the banking staff for other members and banking customers.
The partnership will prepare the bank's strategy to fully integrate AI into their needs by 2025 and into the future. Deutsche Bank has more than 80,000 employees in 58 countries worldwide for investment and banking needs.
News Source: NVIDIA blog
