Deutsche Bank has partnered with NVIDIA to accelerate the use of AI in financial services.
The partnership, which was announced on Wednesday (Dec. 7), is intended to promote the development of regulatory-compliant AI-powered services, Deutsche Bank said in a press release.
It added that NVIDIA will support Deutsche Bank’s cloud migration by developing artificial intelligence (AI) and machine learning (ML) tools to simplify and speed up decision making.
“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,” Christian Sewing, Deutsche Bank’s CEO, said.
Joining him, Jensen Huang, NVIDIA’s founder and CEO, said that “accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud.”
“Together with Deutsche Bank, we are modernizing and reimagining the way financial services are operated and delivered,” he added.
NVIDIA, which first rose to global prominence developing graphical processing units in the nineties, has grown to become a global leader in AI hardware and software.
Banks use AI for a variety of reasons, such as tackling payment fraud and other types of financial crime prevention.
For example, a recent PYMNTS report found that more than three-quarters of acquiring banks use AI to reduce payments fraud.
The October Edition of the PYMNTS Digital Fraud Tracker observed that globally, banks’ annual spending on AI technology for fraud detection is expected to reach $31 billion by 2025.
The report noted that banks’ AI solutions have already improved fraud detection rates by 90% and reduced investigation time by 70%.
The nascent field of metaverse banking is also embracing AI.
In Wednesday’s release, Deutsche Bank said it is working to develop the next generation of user experiences with NVIDIA’s Omniverse Enterprise, an AI platform for building and operating metaverse applications.
The bank said it has already developed an early concept of a 3D virtual avatar aimed at helping employees navigate internal systems while it anticipates exploring more immersive banking customer experiences in the future.
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