Always at the forefront of technological innovation, the financial services industry (FSI) is once again poised for a profound transformation, this time with generative AI. Yet the complexity of needs highlights the need for partnerships and platforms calibrated to accelerate solutions at scale to capitalize on the change of the AI era.
Financial institutions have an unprecedented opportunity to leverage AI/GenAI to expand their services, drive massive productivity gains, mitigate risks and reduce costs. In financial services markets, GenAI can play a role in several areas, including:
- Optimize product and service innovation
- Improve interactions with contact centers
- Deliver personalized banking experiences
- Modernize the code
- Fraud detection
- Creating predictive analytics and forecasts for investment insights
- Empowering agent and advisors
According to NVIDIA State of AI in Financial Services Report on 2024 Trends43% of respondents already use GenAI in their organization. Additionally, three-quarters consider their AI capabilities to be ahead of or in line with their peers. More than half (51%) say they are confident that AI will be essential to the future success of their business.
GenAI-based financial services use cases
Across the industry, GenAI is driving innovation and enabling new working models. Among them:
- Banking: Organizations provide personalized solutions with recommendations and improve customer service operations with avatar-assisted services and natural language processing (NPL) chatbots that respond quickly to service requests. GenAI also helps improve risk assessment through predictive analytics. In an example, BNY deploys NVIDIA’s DGX SuperPOD AI supercomputer to enable AI-driven applications including deposit forecasting, payment automation, predictive trade analytics, and end-of-day cash balances.
- Trade: GenAI optimizes quantitative finance, helps refine trading strategies, executes trades more efficiently, and revolutionizes financial market forecasting. Using deep neural networks and Azure GPUs built with NVIDIA technology, startups Fuel at risk develops accelerated AI-based models to determine derivative valuation and risk sensitivity. GenAI can also play a role in summarizing reports and generating new trading opportunities to increase market returns.
- Payments: GenAI enables the generation of synthetic data and real-time fraud alerts for more proactive, accurate and timely fraud monitoring. As new fraud patterns are identified, GenAI is used to create synthetic data and examples used to train improved fraud detection models. GenAI also helps identify patterns that facilitate the generation of suspicious activity reports for anti-money laundering, thereby significantly reducing investigation time.
NVIDIA + Microsoft: Partnership for AI Transformation at Scale
Given the pace of change, FSI companies must leverage the right partnerships and resources to enable innovation. NVIDIA and Microsoft have a long-standing AI-centric relationship, and over the past two years the two partners have aligned GenAI offerings built from the ground up on Azure and accelerated by the NVIDIA Accelerated Computing Platform.
Microsoft’s Azure infrastructure and ecosystem of software tools, including NVIDIA AI Enterprise, are closely coupled with NVIDIA’s accelerated computing and networking to establish an AI-ready platform unmatched in terms of performance, security and resilience. The NVIDIA DGX SuperPod provides the fastest path to AI innovation at scale, delivering a complete turnkey solution that eliminates design complexity and ease of deployment.
Partners have a shared commitment to secure and responsible AI development, and experts and services are available to streamline capacity planning, provisioning, application performance testing, and user/DevOps training at each phase of the GenAI deployment cycle.
The essentials
The decades-long collaboration between Microsoft and NVIDIA is creating a comprehensive suite of AI foundations and services that together will quickly launch the AI revolution for financial services solutions.
Learn more about NVIDIA and Microsoft
https://blueprintforai.cio.com/
