Deutsche Bank partners with NVIDIA

Thursday 8 December 2022 10:58 CET | News

Deutsche Bank has partnered with NVIDIA to accelerate the use of artificial intelligence (AI) and machine learning (ML) in the financial services sector.

The combination of Deutsche Bank's financial industry expertise and NVIDIA's AI and accelerated computing will speed up the development of a wide range of regulatory-compliant AI-powered services. The collaboration will aid Deutsche Bank's cloud transformation journey by, for example, using AI and machine learning to simplify and accelerate cloud migration decisions.

The collaboration comes after months of exploratory work in which the companies tested a variety of potential use cases, with a particular emphasis on three: risk model development, high-performance computing, and the creation of a branded virtual avatar.

Deutsche Bank intends to use NVIDIA AI Enterprise, an end-to-end software suite for accelerating AI development and deployment in the cloud or data center. Deutsche Bank's AI developers, data scientists, and IT professionals will be able to run NVIDIA AI workflows on-premises as well as on Google Cloud, Deutsche Bank's public cloud provider, with this flexibility.

Redefining customer service

Deutsche Bank is collaborating with NVIDIA Omniverse Enterprise, an open computing platform for developing and operating metaverse applications, as well as AI models and services that make it easier to build and customise lifelike virtual assistants and digital humans.

Deutsche Bank partners with NVIDIA to accelerate the use of artificial intelligence and machine learning in the financial services sector.

The bank's teams have created an early concept of a 3D virtual avatar to assist employees in navigating internal systems and responding to HR-related questions using NVIDIA Omniverse. Future use cases will investigate immersive experiences with banking customers.

The collaboration is an essential component of Deutsche Bank's ongoing technological transformation. Deutsche Bank will accelerate the expansion of an internal AI center of excellence to support the experimentation and development of AI and ML services, as well as professional skill development. In addition, the center will develop, foster, and promote explainable and responsible AI to improve understanding of model predictions in financial services applications, as well as conduct research in the areas of AI and accelerated computing.

Deriving insights out of unstructured data

Key information extraction from unstructured data has long been a challenge for organisations, particularly those in financial services. Existing large language models fail miserably on financial texts. Deutsche Bank and NVIDIA are testing Financial Transformers, a collection of large language models. These will run AI and ML models to achieve outcomes such as early warning signs on a financial transaction's counterparty, faster data retrieval, and identifying data-quality issues.

Unstructured data is extremely long-form, which necessitates unstructured data extraction. When working with unstructured data, the working staff faces numerous challenges. To begin with, this type of data is available in bulk text or any other form, which is why it takes so long to process. Second, if the data is available in large files, as most unstructured data is, it takes up too much storage space. The quality of structured data is that it is presented in very precise and tabular forms, making data extraction very simple.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: banks, partnership, artificial intelligence, machine learning, financial services
Categories: Fraud & Financial Crime
Companies: Deutsche Bank, NVIDIA
Countries: Germany
This article is part of category

Fraud & Financial Crime

Deutsche Bank



Discover all the Company news on Deutsche Bank and other articles related to Deutsche Bank in The Paypers News, Reports, and insights on the payments and fintech industry: