Three Questions Financial Institutions Must Ask About AI
An end-to-end AI solution has the power to improve customer experience, internal processes and the bottom line.
Finding a trusted partner to help plan and implement an efficient, powerful and secure AI solution doesn’t have to be complicated.
Financial institutions face new barriers to innovation
The analytical power of AI, along with the automation capabilities of generative AI, creates an abundance of opportunities for financial institutions. In fact, in a new survey of financial services professionals, 64% of respondents said their leadership “values and believes in AI.”
However, expectations from both clients and employees have increased to match the perceived possibilities. When considering new AI solutions, IT teams need to consider these three questions.
1. Is your data quality where it should be?
There’s never been a shortage of data to collect and analyze in finance. However, making that data suitable to use, in any great quantity or quality, is a resource-intensive pursuit. As of this year, 26% of finance professionals say their data sets are lacking in the size or accuracy needed to properly use AI.
2. Is your infrastructure secure and compliant?
The storage, usage and purging of data has risks of its own. In addition to cyberattacks, regulations impose a strict, yet varied, set of guidelines depending on the type of data used, location and type of institutions involved. Technology solutions must increasingly partner with compliance solutions to satisfy requirements.
3. Is your AI solution trustworthy?
Although AI can eliminate many of the challenges that come with managing large amounts of data, institutions need access to secure AI models built to produce useful results with the proper constraints that prevent hallucinations, external influence and toxic content.
Explore your NVIDIA AI options today with your CDW account manager or call 800.800.4239.
How is AI accelerating innovation right now?
Focusing on the right mix of hardware and software to make the most of AI solutions has become a top priority for IT teams. In some cases, financial institutions have created their own language models based on proprietary information. The innovations are only limited by the imaginations of the teams involved, the experts they’ve partnered with and the ecosystem they build.
Organizations are focusing on AI-powered innovations with the most immediate and substantial impact on outcomes.
Improve the customer experience.
Returning more for clients’ investments comes first, and AI can help by churning through mountains of unstructured data to find patterns and make better market predictions. Providing a better customer experience also includes improved customer service through well-trained AI chatbots and technical support.
Strengthen fraud detection.
AI’s powerful ability to recognize patterns also helps with more accurate and timely detection of fraud and false positives. When financial institutions cut down on false positives, it frees up employees’ valuable time and prevents customers from having an unnecessary and possibly negative interaction with the institution.
Streamline (and level up) administration.
Perhaps the area of greatest cost savings is where AI helps in eliminating mundane administrative tasks that prevent the organization from focusing on innovative initiatives. From summarizing research to creating detailed demographic maps, AI adds endless new capabilities to the financial industry.
Start with a solid foundation
Organizations looking for trusted solutions to power their AI tools have turned to NVIDIA GPUs for their efficiency, the NVIDIA NeMo™ framework for building large language models (LLMs), and NeMo Guardrails — programmable rules designed to help keep AI results accurate, appropriate, on topic and secure.
In fact, Deutsche Bank recently announced they will use NVIDIA AI Enterprise for their AI initiatives including speech AI, fraud detection and risk management, decreasing their total cost of ownership by up to 80%.
Thanks to NVIDIA AI Enterprise, the efficiencies and innovations experienced with AI can be applied to every layer of an organization’s process from accelerated hardware systems to the software platform, and from the models themselves to the services possible — across public and private clouds.
To help make AI initiatives like this more efficient, the new NVIDIA H100 with dual-GPU NVLink includes a transformer engine engineered to process LLMs like GPT up to 10 times faster than previous GPUs.
Making seamless AI experiences a reality for financial institutions requires the help of trusted experts. CDW has made them easier to find.
Partner with trusted experts
Creating an AI ecosystem that fits your organization requires experienced experts dedicated to planning and orchestrating the implementation of software, hardware and services that’s tailored to your specific needs.
36% of financial services professionals report finding and keeping experts is their biggest obstacle to implementing AI solutions.
Luckily, your IT team doesn’t need to worry about that obstacle. CDW has the expertise, and close partners like NVIDIA, to ensure your financial institution is making the most of your AI opportunities.