Deutsche Bank announces a multi-year innovation partnership with NVIDIA to accelerate the use of artificial intelligence (AI) and machine learning (ML) in the financial services industry.
Combining Deutsche Bank’s expertise in the financial sector with NVIDIA’s leadership in AI and supercomputing will accelerate the development of a wide range of AI-based services in compliance with regulations. The partnership will support Deutsche Bank’s cloud transformation journey, for example, using AI and ML to simplify and accelerate cloud migration decisions..
“AI, ML and data will be a game changer in banking, and our partnership with NVIDIA is further proof that we are committed to redefining what is possible for our customers.“said Christian Sewing, CEO of Deutsche Bank.
“This partnership is a significant step forward in our AI and ML ambitions. It will help us take a leadership position in the use of these technologies in financial services.“, added Bernd Leukert, member of the board of directors of Deutsche Bank and responsible for Technology, Data and Innovation.
“Accelerated computing and AI are at an inflection point and we are bringing them to companies around the world through the cloudsaid Jensen Huang, founder and CEO of NVIDIA, who added: “All aspects of future business will be supercharged with knowledge and intelligence operating at lightning speeds. Together with Deutsche Bank, we are modernizing and reinventing the way financial services are operated and delivered.“.
The collaboration follows months of exploratory work in which the companies tested a variety of potential use cases, with a focus on three in particular: develop risk models, high performance computing and create a virtual brand avatar.
“NVIDIA solutions and applications offer tremendous potential to accelerate and improve financial services, creating more agility and resources that directly impact quality of service and security for consumers.”, said Marcio Aguiar, Director of NVIDIA’s Enterprise division for Latin America.
Redefining customer service with interactive avatars
Deutsche Bank is working to develop next-generation user experiences with NVIDIA Omniverse Enterprise, an open computing platform for building and operating applications in the metaverse, and AI models and services that make it easy to create and personalize realistic, robot-like virtual assistants. humans.
With NVIDIA Omniverse, Bank teams developed an initial 3D virtual avatar concept designed to help employees navigate internal systems and answer HR-related questions. Future use cases will explore immersive experiences with banking customers.
Next-generation risk management using accelerated computing
Accelerated computing enables merchants to manage risk and run more scenarios quickly and at scale, while improving energy efficiency. Powered by NVIDIA’s accelerated artificial intelligence, machine learning and accelerated computing experience, the partnership will seek to enrich Deutsche Bank’s leadership in risk management, improve efficiency and customer service.
To enable this work, Deutsche Bank plans to leverage NVIDIA AI Enterprise, a comprehensive software suite to simplify AI development and deployment, which can run in the cloud or in the data center. With this flexibility, AI developers, data scientists, and IT professionals at Deutsche Bank will be able to run NVIDIA AI workflows on-premises as well as on Google Cloud, Deutsche Bank’s public cloud provider.
Get insights from unstructured data
Extracting important information from unstructured data has been a challenge for organizations, especially those in financial services. Existing big language models do not work well in financial texts. Deutsche Bank and NVIDIA are testing a collection of large language models called Financial Transformers. These will run AI and ML models and achieve results such as early warning signals about the counterparty to a financial transaction, faster data retrieval, and identification of data quality issues..
The innovation partnership is an integral part of Deutsche Bank’s ongoing technology transformation. Deutsche Bank will expand an internal AI center of excellence, accelerated through the partnership, to support experimentation and development of AI and ML services, as well as professional skills development. The center will also develop and promote explainable and accountable AI to further understanding of model predictions in financial services applications and exploration in the areas of AI and accelerated computing.
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