Deutsche Bank announced a partnership with NVIDIA to accelerate the use of artificial intelligence and machine learning in the financial sector. The announcement follows months of testing to explore use cases that could support the bank’s strategic ambitions through 2025 and beyond.
“Accelerated computing and artificial intelligence are at an inflection point, and we’re bringing them to every enterprise around the world through the cloud,” said NVIDIA founder and CEO Jensen Huang. “Every aspect of the business of the future will be inundated with insights and intelligence that operate at the speed of light.
“Together with Deutsche Bank, we are modernizing and reimagining the way financial services are managed and delivered,” he added. The potential is enormous. McKinsey estimates that AI technologies could add up to $1 trillion in added value to global banking annually.
Frankfurt-based Deutsche Bank is a leading global investment bank with more than 80,000 employees in 58 countries around the world. Deutsche Bank’s initiatives promise to accelerate efforts to serve clients worldwide, develop new data-driven products and services, increase efficiency and recruit technical talent.
Together, Deutsche Bank and NVIDIA initially focused on three possible deployments, with a multi-year ambition to expand to more than a hundred, which the companies are currently investigating.
Of NVIDIA AI Enterprise software, Deutsche Bank’s AI developers, data scientists and IT professionals can build and run AI workflows anywhere, including in its hosted local data centers and on Google Cloud, the bank’s public cloud provider. (In related news, NVIDIA today NVIDIA AI Enterprise 3.0 announced .)
Next generation risk management
Price discovery, risk assessment and model backtesting require computationally intensive calculations on massive traditional CPU-driven server grid farms. Accelerated computing power delivers more accurate results in real time, enabling customers to deliver more value and reduce overall costs by as much as 80%.
Many banking functions that are typically processed overnight, such as risk assessment, can now be performed in real time on accelerated computers.
This represents a major step forward in how traders can manage risk by running more scenarios faster on a more energy efficient grid farm.
Redefining personalized customer service with interactive avatars
Deutsche Bank is investigating how to engage employees, potential recruits and customers more interactively and enhance experiences using 3D virtual avatars in real time, 24 hours a day, seven days a week.
An early potential implementation allowed Deutsche Bank to create a virtual 3D avatar to help employees navigate internal systems and answer HR-related questions.
Future use cases will explore immersive metaverse experiences with bank customers.
Extract insights from unstructured data
Extracting critical information from unstructured data has long been a challenge. But existing large language models do not perform well on financial texts.
Transformers, a type of neural network that learns context and therefore meaning from data, introduced in 2017, could change this.
A single pre-trained model can perform amazing feats including text generation, translation and even software programming, providing the foundation for the next generation of AI.
Deutsche Bank and NVIDIA are testing a collection of large language models called Financial Transformers or Finformers.
These systems will have the potential to provide early warning signals of counterparty risk, speed up data retrieval and identify data quality issues.