Financial services

Transforming financial services with artificial intelligence

Artificial intelligence (AI) is the technology to watch.

IDC projects that spending on AI technologies will reach $97.9 billion in 2023, more than two and a half times the level of spending in 2019.

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Where is the growth of AI coming from?

On my CXO Spice Talk, I spoke with Kevin Levitt, Global Business Development Manager – Financial Services at NVIDIA. He says the explosive growth of AI is happening in consumer finance and capital markets.

Banks, insurance companies, payment companies and others are investing in centers of excellence (CoE) in artificial intelligence. His take: If you want to compete for best-in-class customer service, be customer-centric. Beyond Personalization, AI Impacts Underwriting, Fraud Detection and All Critical Applications. AI Centers of Excellence are the source of expertise and infrastructure needed to drive enterprise AI strategies in financial services.

AI is also used to investments in algorithmic trading platforms powered by accelerated computing infrastructure to discover Alpha across thousands (kinda mind-boggling, isn’t it?) of real-time data sources to algorithmically execute trades or send a signal to the human trader.

Just a month ago, the Chicago Board of Trade opened two floors for commerce. The intersection of #humanity and #technology unfolds further as AI fills the void by uncovering insights from geospatial data, audio files (i.e. earnings calls , CEO presentations/interviews, etc.).

Again, we see being in a winner’s position drives AI to frame market-leading high-performance computing environments to tackle risk management, predict credit risk, and more. within banks, insurance companies and other industries to maximize returns on investment and protect the business against systemic risks. .

NVIDIA’s 2022 Trend Report on the State of AI in Financial Services explores how AI is transforming the industry in massive ways. It’s easy to think of customer relationships as the primary use of AI in industries like retail banking, investment banking, asset management, insurance, and fintech. However, NVIDIA’s report shows that AI-driven innovation is much broader.

NVIDIA’s report reveals that “some 91% of financial services companies are driving critical business outcomes through investments in AI. First, 43% of respondents say AI produces more accurate models. Along with the accuracy of the model comes a host of other benefits Enterprise AI strategies and infrastructure impact fraud detection, algorithmic trading, recommendation systems in which customers receive subsequent actions and compliance.

When AI understands the nuances of language, we will have taken the next big step. Intuitive and empathetic AI is upon us. Innovators like NVIDIA play a major role in making it happen.

Dive deeper into the future of AI. Watch the latest episode of CXO Spice Talk with @NVIDIA AI’s Kevin Levitt. Here is the link to find out more:

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Learn more about NVIDIA solutions for the financial services industry.