Accelerating AI for financial services: Innovation at scale with NVIDIA and Microsoft

Always on the cusp of technology innovation, the financial services industry (FSI) is once again poised for wholesale transformation, this time with Generative AI. Yet the complexity of what’s required highlights the need for partnerships and platforms calibrated to fast-track solutions at scale to capitalize on AI-era change.

Financial institutions have an unprecedented opportunity to leverage AI/GenAI to expand services, drive massive productivity gains, mitigate risks, and reduce costs. Across financial services markets, GenAI can play a role in several areas, including:

• Optimizing product and service innovation
• Enhancing contact center interactions
• Delivering personalized banking experiences
• Modernizing code
• Detecting fraud
• Creating predictive analytics and forecasting for investment insights
• Empowering agent and advisors

According to NVIDIA’s State of AI in Financial Services 2024 Trends report, 43% of respondents are already using GenAI in their organization. What’s more, three quarters consider their AI capabilities to be ahead of or right in line with their peers. More than half (51%) say they are confident that AI will be critical to their companies’ future success.

GenAI-powered financial services use cases

Across the sector, GenAI is empowering innovation and enabling new work patterns. Among them:

• Banking: Organizations are delivering personalized solutions with recommendations and enhancing customer service operations with avatar-assisted services and Natural Language Processing (NPL) chatbots that fulfill service requests promptly. GenAI is also helping to improve risk assessment via predictive analytics. In one example, BNY Mellon is deploying NVIDIA’s DGX SuperPOD AI supercomputer to enable AI-enabled applications, including deposit forecasting, payment automation, predictive trade analytics, and end-of-day cash balances.

• Trading: GenAI optimizes quant finance, helps refine trading strategies, executes trades more effectively, and revolutionizes capital markets forecasting. Using deep neural networks and Azure GPUs built with NVIDIA technology, startup Riskfuel is developing accelerated models based on AI to determine derivative valuation and risk sensitivity. GenAI can also play a role in report summarization as well as generate new trading opportunities to increase market returns.

• Payments: GenAI enables synthetic data generation and real-time fraud alerts for more proactive, accurate, and timely fraud monitoring. As new fraud patterns are identified, GenAI is used to create synthetic data and examples used to train enhanced fraud detection models. GenAI also helps identify patterns that assist in Suspicious Activity Report generation for anti-money laundering, greatly reducing investigation time.

NVIDIA + Microsoft: Partnering for AI transformation at scale

Given the pace of change, FSI companies need to lean into the right partnerships and resources to enable innovation. NVIDIA and Microsoft have a longstanding relationship centered on AI, and over the last two years, the pair have aligned GenAI offerings built from the ground up on Azure and the NVIDIA AI-enabled GPU stack.

Microsoft’s Azure infrastructure and ecosystem of software tooling, including NVIDIA AI Enterprise, is tightly coupled with NVIDIA GPUs and networking to establish an AI-ready platform unmatched in performance, security, and resiliency. The NVIDIA DGX SuperPod is the fastest path to AI innovation at scale, delivering a full-stack, turnkey solution that eliminates design complexity and facilitates time to deployment.  

The partners have a shared commitment to secure and responsible AI development, and experts and services are available to streamline capacity planning, provisioning, application performance testing, and user/DevOps training at each phase of the GenAI deployment cycle.

The bottom line

Microsoft and NVIDIA’s decades-long collaboration is unleashing a full spectrum of AI foundations and services that together will quick-start the AI revolution for financial services solutions.

Read more from NVIDIA and Microsoft
https://blueprintforai.cio.com/