- Multi-year innovation partnership to improve financial services faster with artificial intelligence
- Intelligent avatars, speech AI and fraud detection in the focus of joint application development with AI software from NVIDIA
- Goals are better risk management and more efficient, better customer service
- Accelerated expansion of the bank’s internal AI competence center to develop, promote and support explainable and responsible AI in financial services
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.
Deutsche Bank’s financial expertise and NVIDIA’s leadership in AI and accelerated computing will create a variety of AI-enabled and regulatory-compliant services. The new partnership will also benefit Deutsche Bank’s cloud transformation. For example, the use of AI will simplify and accelerate cloud migration decisions.
“Artificial intelligence, machine learning and the use of data will fundamentally change banking. Our partnership with NVIDIA is further proof that we want to consistently use these opportunities in the interests of our customers,” says Christian Sewing, CEO of Deutsche Bank.
“This partnership is a significant step forward in our ambitions to leverage artificial intelligence and machine learning. It will help us to take a leading role in the use of these technologies for financial services,” adds Bernd Leukert, the bank’s board member responsible for technology, data and innovation.
“Accelerated computing and artificial intelligence are at a tipping point, and we’re bringing them to the world’s businesses via the cloud,” said Jensen Huang, Founder and CEO of NVIDIA Together with Deutsche Bank, we are modernizing the way financial services are delivered and operated.”
Several months of preparation preceded the partnership: the companies tested a range of potential use cases, particularly in three areas: risk model development, high performance computing and the design of a virtual avatar.
Next generation risk management through accelerated data processing
Accelerated computing enables retailers to manage risk and calculate more scenarios faster while improving energy efficiency. With its AI, ML and accelerated computing expertise, new partner NVIDIA can strengthen Deutsche Bank’s leading position in risk management and improve efficiency and customer service.
To do this, Deutsche Bank plans to use NVIDIA AI Enterprise , a comprehensive software suite that simplifies the development and deployment of AI solutions – in the cloud and in the data center. Thanks to this flexibility, Deutsche Bank’s AI developers, data and IT experts can use NVIDA’s AI workflows both in its own data center and in Google Cloud, Deutsche Bank’s partner for using the public cloud.
Redefine customer service with interactive avatars
To enable customers to experience Deutsche Bank in a completely new way, Deutsche Bank works with NVIDIA Omniverse Enterprise. This is an open computing platform for developing and running Metaverse applications and AI models and services. This allows lifelike virtual assistants and digital avatars to be developed.
With NVIDIA Omniverse , the bank’s teams have already developed a first concept of a virtual 3D avatar that is intended to help employees navigate through internal bank systems and answer HR-related questions. How the bank can use such opportunities for a more intensive customer experience will be examined in the near future.
Gain insights from unstructured data
Extracting useful information from unstructured data is a persistently difficult task for companies, especially financial services providers. Existing language models have difficulties with financial texts. Deutsche Bank and NVIDIA are testing various large language models, so-called financial transformers. These will run AI and ML models. One of the intended outcomes is the early detection of warning signs in financial transactions. In addition, the bank should be able to obtain data more quickly and check its quality.
The innovation partnership with NVIDIA is an important building block in Deutsche Bank’s ongoing technology transformation. It will also be able to accelerate its AI Competence Center to develop and test explainable and accountable AI and ML services. The understanding of model predictions in financial services applications should grow and AI and “Accelerated Computing” should be further researched.
