The potential of AI in the financial industry is limitless. McKinsey estimates that AI technology could add up to $1 trillion in value annually to global banking.

NVIDIA, which focuses on artificial intelligence (AI) computing, announced on the 8th that it has entered into a partnership with Deutsche Bank to accelerate the use of AI and ML in the financial services sector.

Deutsche Bank expects that through this collaboration, it will accelerate its efforts to: △provide services to customers worldwide; △develop new data-driven products and services; △improve efficiency; and △recruit technical talent.

NVIDIA and Deutsche Bank have focused on three potential implementations as an initial step, with more than 100 expansions planned over the next few years.

Deutsche Bank's AI developers, data scientists, and IT professionals will be able to build and run AI workflows anywhere, including in its on-premises data centers and on Google Cloud, the bank's public cloud provider, with NVIDIA AI Enterprise software.

"Accelerated computing and AI are at a tipping point, delivered to businesses worldwide via the cloud," said NVIDIA CEO Jensen Huang. "Every aspect of future business will be powered by insights and intelligence, running at the speed of light." "Together with Deutsche Bank, NVIDIA is modernizing and reimagining how financial services are operated and delivered."

■ Next-Generation Risk Management

Price discovery, risk assessment, and model post-validation require computationally intensive computation on large-scale, traditional CPU-based server grid farms. Accelerated computing delivers more accurate results in real time, delivering more value to customers while reducing total costs by up to 80%.

Many banking functions, such as risk assessments, that were typically processed overnight can now be performed in real time on accelerated computing. This represents a significant advancement in how traders can manage risk, enabling them to quickly run numerous scenarios on more energy-efficient grid farms.

Redefining personalized customer service through interactive avatars

Deutsche Bank is exploring ways to better engage its employees, potential employees, and customers, and is improving the experience by making 3D virtual avatars available in real time, 24/7.

Deutsche Bank has created 3D virtual avatars to help employees navigate internal systems and answer HR-related questions, an early potential implementation.

As a future use case, we plan to explore immersive metaverse experiences with banking customers.

■ Deriving Insights from Unstructured Data

Efforts to extract valuable information from unstructured data have been ongoing for a long time. However, existing large-scale language models (LLMs) have not performed well with financial text.

To change this situation, transformers were introduced in 2017. Transformers are a type of neural network that learns meaning and context from data. A single, pre-trained model can generate text, translate text, and even program software, forming the foundation for next-generation AI.

Deutsche Bank and NVIDIA are testing large-scale language models, also known as Financial Transformers or Finformers.

These systems provide early warning signals of potential threats, and can further enable rapid data retrieval and identification of data quality issues.