Deutsche Bank partners Nvidia to advance the use of AI in financial services
Deutsche Bank has entered a multi-year innovation partnership with Nvidia to help accelerate and advance the use of artificial intelligence (AI) and machine learning (ML) in financial services.
Deutsche Bank and Nvidia partner to bring AI/ML to financial services
Together, the two firms aim to combine their expertise to develop applications that will improve risk management, boost efficiency and enhance customer service using Nvidia AI Enterprise, an end-to-end software suite for AI development and deployment.
The partnership will also support Deutsche Bank’s cloud transformation journey, with AI and ML being utilised to simplify and accelerate cloud migration decisions.
The collaboration follows months of exploratory work in which the two companies tested a number of potential use cases with a focus on three – risk model development, high-performance computing and creation of a branded virtual avatar.
Using Nvidia Omniverse Enterprise, an open computing platform for building and operating metaverse applications, Deutsche Bank also aims to develop AI models to make it easier to build and customise “lifelike virtual assistants and digital humans” for use in the metaverse.
The bank says that by using Nvidia Omniverse Enterprise, it has already developed an early concept of a 3D virtual avatar that can help employees navigate internal systems and respond to HR-related questions.
The two firms are also working together to solve the problem of extracting key information from unstructured data by testing AI and ML models to achieve outcomes such as early warning signs on the counterparty of a financial transaction and faster data retrieval, as well as the ability to easily identify data quality issues.
“Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud,” says Jensen Huang, founder and CEO of Nvidia.
Deutsche Bank says that in addition to the partnership, it will also expand its internal AI centre of excellence “to support the experimentation and development of AI and ML services and professional skills development”.
“The centre will also develop, foster and promote explainable and responsible AI to expand the understanding of model predictions in financial services applications, and exploration in the areas of AI and accelerated computing,” the bank adds.
