Transforming financial services with artificial intelligence

Artificial intelligence (AI) is the technology to watch out for.

IDC predicts that spending on AI technologies will grow to $97.9 billion in 2023 — more than two-and-a-half times 2019 spending.

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Where is the growth of AI coming from?

On my CXO Spice Talk show, I spoke to Kevin Levitt, NVIDIA’s Global Business Development Lead – Financial Services. He says the explosive growth of AI is in consumer finance and capital markets.

Banks, insurance companies, payment service providers and others are investing in AI Centers of Excellence (CoE). His point: if you want to compete for superior customer service, be customer-centric. Beyond personalization, AI impacts underwriting, fraud detection and every critical application. AI CoEs are the source of expertise and infrastructure needed to realize AI business strategies for financial services.

AI is also used for Investing in algorithmic trading platforms powered by accelerated computing infrastructure to uncover alpha across thousands (kind of mind-blowing, right?) of real-time data sources to either execute trades algorithmically or provide signals to the human trader.

Just a month ago, the Chicago Board of Trade opened two floors for trading. The intersection of #humanity and #technology continues to unfold as AI fills the gap in extracting insights from geospatial data, audio files (e.g. phone conversations, CEO presentations/interviews, etc.).

Again, we see AI on the winning side to shape market-leading, high-performance computing environments to address risk management, predict credit risk and more within banks, insurance companies and other industries to maximize investment returns and keep the business ahead of systemic protect against risks.

NVIDIA’s State of AI in Financial Services 2022 Trends Report examines how AI is massively transforming the industry. It’s easy to think that customer relationships are the key benefit for AI in industries like retail banking, investment banking, wealth management, insurance, and fintech. However, NVIDIA’s report shows that AI-driven innovation is much broader.

The NVIDIA report shows that “approximately 91% of financial services companies with investments in AI are driving key business outcomes. First and foremost, 43% of respondents say AI provides more accurate models. In addition to model accuracy, there are a number of other benefits.” Enterprise AI strategies and infrastructure impact fraud detection, algorithmic trading, and recommendation systems that provide customers with next-step guidance and regulatory compliance.

When the AI ​​understands the nuances of language, we’ve made the next big leap. Intuitive, empathetic AI is upon us. Innovators like NVIDIA play an important role in making it happen.

Dive deeper into the future of AI. Check out the latest CXO Spice Talk episode with @NVIDIA AI’s Kevin Levitt. Here is the link to learn more:

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Learn more about NVIDIA’s solutions for the financial services industry.

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