Where is the growth in artificial intelligence coming from?
In a CXOSpiceTalk, Kevin Levitt, director of global business development for financial services at NVIDIA, said the explosion of AI is happening in consumer finance and capital markets.
Banks, insurers, payment companies and others are investing in AI CoE, and Kevin Levitt's view is that if you want to compete for best-in-class customer service, you have to put the customer at the center. In addition to personalization, AI is impacting underwriting, fraud detection and every key application. AI CoE is a source of expertise and infrastructure that enables enterprise AI strategies to deliver results in financial services.
AI is also being used to invest in algorithmic trading platforms powered by accelerated computing infrastructure to discover Alpha across thousands of real-time data sources and algorithmically execute trades or deliver signals to human traders.
Just a month ago, ChicagoBoardofTrade opened two trading floors. The crossroads of "humans" and "technology" unfolds further as AI fills the gap in discovering insights from geospatial data, audio files (e.g., earnings calls, CEO speeches/interviews, etc.).
Once again, we see ourselves as winners in driving AI to build out market-leading high-performance computing environments to address risk management, predictive credit risk, and more for banks, insurers, and other industries to maximize return on investment and protect companies from systemic risk.
NVIDIA's State of Artificial Intelligence in Financial Services 2022 Trends Report explores how AI is changing the industry in a massive way. It's easy to assume that customer relationships are the primary use of AI in industries such as retail banking, investment banking, asset management, insurance, and fintech. However, NVIDIA's report shows that AI-driven innovation is much more widespread.
According to NVIDIA's report, approximately 91% of financial services firms are achieving key business outcomes by investing in AI. First, 43 percent of respondents said AI is producing more accurate models. There are many other benefits beyond model accuracy. Enterprise AI strategies and infrastructure are impacting fraud detection, algorithmic trading and recommendation systems to provide customers with next steps and compliance.
When AI understands the nuances of language, we will take the next big leap. And intuitive, understanding AI is all around us.