Nvidia And Deutsche Bank AI Gambit Targets $1 Trillion Financial Services Opportunity
Executives say IT channel partners will benefit from AI advancements developed through the partnership. Nvidia also announced enhancements to its AI platform for enterprise.
Nvidia and Deutsche Bank on Wednesday unveiled a multi-year collaboration to build artificial intelligence (AI) and machine learning (ML) technology for the financial services sector.
The collaboration will allow the companies to develop a range of applications, including intelligent avatars, speech AI, and fraud detection using Nvidia’s AI Enterprise software. The companies say the project will speed up the development of a broad range of AI-powered services. That accelerated development will prove beneficial throughout the IT channel, executives told CRN during a press briefing.
NVIDIA’s Manuvir Das, vice president of enterprise computing, said channel partners should pay close attention to advancements born out of the collaboration, noting that McKinsey expects the annual global economic impact of AI in the financial services sector to grow to a whopping $1 trillion.
“Nvidia is a platform company first and foremost,” Das said in response to a question from CRN. “So as we work with Deutsche Bank, and we learn about the use cases and we develop new frameworks, new workflows based on these learnings, of course those will be available to the ecosystem – whether it’s the channel partners, solution providers or others in the industry, they will benefit.”
Gil Perez, chief innovation officer at Deutsche Bank, agreed: “From our perspective, we are in a regulated environment, so obviously we’re going to be very prudent about how we’re deploying AI and ML in close collaboration with our regulators… I think the big benefit would be that as we push forward, everybody will benefit in the entire industry.”
Deutsche Bank will use the partnership to support its cloud transformation journey, using AI and ML to simplify and accelerate cloud migration decisions, the company said.
“AI, ML and data will be a gamer 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, chief executive officer at Deutsche Bank, said in a statement.
Jensen Huang, founder and CEO of Nvidia, sees such partnerships tipping the scales even further toward accelerated computing offerings. “Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises thought the cloud,” Huang said in a statement. “Every aspect of future business will be supercharged with insight and intelligence running at the speed of light.”
For Kent Tibbles, vice president of marketing at ASI Corp. in Fremont, Calif., channel partners will welcome the advancements in AI and ML. “Channel integrators are well versed at supporting these markets with their ability to customize the systems, provide the most advanced technologies, and offer specialized expertise,” he said. “Having a partner like Nvidia recognize this challenge and offer creative solutions to help support their customers through the entire supply chain really demonstrates their commitment to their partnerships and is clearly something they value as a company.”
Nvidia also used the occasion to announce the launch of the latest version of its AI Enterprise 3.0 platform, which the company says will reduce development time to hours instead of months.
The companies said the collaboration Deutsche Bank comes after months of exploratory work to test the number of potential use cases, focusing on risk model development, high-performance computing and the creation of a branded virtual avatar.