Deutsche Bank and Nvidia announce a multi-year innovation partnership to improve financial services with AI.
The two companies have been working together for 18 months, according to Gil Perez, Head of Cloud & Innovation Network at Deutsche Bank. Nvidia and Deutsche Bank are developing a range of applications, including intelligent avatars, large language models for risk management, and fraud detection. The partnership will also benefit Deutsche Bank’s cloud transformation, he said.
“AI, ML and data will be a game changer in banking, and our partnership with NVIDIA is further evidence that we are committed to redefining what is possible for our clients,” said Christian Sewing, CEO of Deutsche Bank.
AI at Deutsche Bank & Nvidia’s financial models.
Deutsche Bank has so far used artificial intelligence in a more traditional sense, such as for payment categorization, security, or dynamic pricing, Perez said. In doing so, it has followed a rather siloed approach, he said.
From the risk models, metaverse use cases in HR, and the integration of GPUs and improvements to the HPC stack, the bank expects significant improvements to existing applications and completely new areas of application.
Extracting useful data from unstructured information is a persistently difficult task for businesses, Deutsche Bank said in a press release. The risk models are therefore large language models specialized in financial texts (so-called “financial transformers” or “finformers” for short) and are intended to enable, for example, the early detection of warning signs in financial transactions. In addition, the aim is to be able to obtain data more quickly and check it for quality.
Nvidia’s researchers demonstrated the FinMegatron financial transformer in February. Another model Deutsche Bank is researching, according to Perez, is FinBERT.
Nvidia Omniverse and GPUs for 3D avatars.
Deutsche Bank also relies on Nvidia AI Enterprise, a comprehensive software suite, of which Nvidia unveiled version 3.0 as part of the announcement. Accelerated computing enables traders to manage risk and calculate a greater number of scenarios faster, while improving energy efficiency, according to the press release.
The company also said it has already developed an initial concept of a 3D virtual avatar using Nvidia Omniverse to help employees navigate internal bank systems and answer staff-related questions. Soon, the bank will explore how it can leverage such capabilities for a more immersive customer experience.
“Every aspect of future business will be supercharged with insight and intelligence running at the speed of light,” said Nvidia CEO Jensen Huang. “Together with Deutsche Bank, we are modernizing and reimagining the way financial services are operated and delivered.”