Deutsche Bank today announced a multi-year innovation partnership with Nvidia to accelerate the use of artificial intelligence (AI) and machine learning (ML) in the financial services sector.
The partnership will support Deutsche Bank’s cloud transformation journey, for example by 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 evidence that we are committed to redefining what is possible for our clients,” said Christian Sewing, CEO, Deutsche Bank.
“This partnership is a significant step forward in our AI and ML ambitions. It will help us take a leading position in the usage of these technologies in financial services,” added Bernd Leukert, Deutsche Bank’s Management Board Member responsible for Technology, Data and Innovation.
“Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud,” said Jensen Huang, founder and CEO, Nvidia. “Every aspect of future business will be supercharged with insight and intelligence running at the speed of light. Together with Deutsche Bank, we are modernising and reimagining the way financial services are operated and delivered.”
The collaboration follows months of exploratory work in which the companies tested a number of potential use cases, with a focus on three in particular, including, risk model development, high-performance computing, and the creation of a branded virtual avatar.
For example, Deutsche Bank plans to leverage Nvidia AI Enterprise, the latter’s software suite for streamlining AI development for the Bank’s AI developers, data scientists and IT professionals to be able to run AI workflows on-premises as well as on Google Cloud, which is Deutsche Bank’s public cloud provider.
The bank is also working to develop next-generation user experiences with Nvidia Omniverse Enterprise, an open computing platform for building and operating metaverse applications, like a 3D virtual avatar aimed at helping employees navigate internal systems and respond to HR-related questions.
Deutsche Bank and Nvidia are further testing a collection of large language models called Financial Transformers. These will run AI and ML models and achieve outcomes such as early warning signs on the counterparty of a financial transaction, faster data retrieval and identifying data-quality issues.
AI is now being used to considerably increase top line revenue in addition to influencing bottom line revenue. Large Fintech firms, NBFCs, and banks are utilising AI throughout the customer life cycle, from acquisition to servicing
As per an October 2021 report by Allied Market Research, the global AI in banking market size is projected to reach $64.03 billion, by 2030, growing at a CAGR of 32.6% from 2021 to 2030
Indian banks too are leading in implementing and adopting artificial intelligence, within the BFSI sector. India’s banking sector is leading in implementing and adopting all emerging AI use cases, a survey by PwC-FICCI said, adding that AI applications are estimated to help banks make potential cost savings worth $447 billion by 2023.