Transforming financial services with artificial intelligence

Artificial intelligence (AI) is a technology worthy of attention.

IDC predicts that spending on AI technologies will increase to $97.9 billion by 2023—more than 2.5 times 2019 spending levels.

Where does the growth of artificial intelligence come from?

In CXOSpiceTalk, Kevin Levitt, global business development director of NVIDIA financial services, said that the explosive growth of artificial intelligence is happening in consumer finance and capital markets.

Banks, insurance companies, payments companies and other companies are investing in AI Centers of Excellence (CoEs). Kevin Levitt's point: If you want to compete for best-in-class customer service, you need to be customer-centric. Beyond personalization, AI is impacting underwriting, fraud detection and every critical application. The AI ​​CoE is a source of expertise and infrastructure that enables enterprise AI strategies to deliver results in financial services.

Artificial intelligence is also used to invest in algorithmic trading platforms powered by accelerated computing infrastructure to discover alpha across thousands of real-time data sources and execute trades algorithmically or to humans Traders deliver signals.

Just a month ago, Chicago Board of Trade opened two trading floors. The intersection of “humanity” and “technology” further unfolds as AI fills the gap in discovering insights from geospatial data, audio files (e.g., earnings calls, CEO speeches/interviews, etc.).

Once again, as the winner, we will promote AI to build a market-leading high-performance computing environment to solve risk management, predict credit risk, and banks, insurance companies and other industries questions to maximize return on investment and protect the company from systemic risks.

NVIDIA’s State of Artificial Intelligence in Financial Services 2022 Trends Report explores how artificial intelligence is transforming the industry in massive ways. It’s easy to think 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 broader.

According to a report by NVIDIA, about 91% of financial services companies are achieving key business results by investing in artificial intelligence. First, 43% of respondents said AI is producing more accurate models. In addition to model accuracy, there are many other benefits. Enterprise AI strategies and infrastructure are impacting fraud detection, algorithmic trading, and recommendation systems to provide customers with next steps and compliance.

We will take the next big leap when artificial intelligence understands the nuances of language. And intuitive and empathetic AI is all around us. ​

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