Oracle and NVIDIA’s Commitment to Transforming AI Capabilities for Banks

Introduction

An unprecedented demand for solid infrastructure and skills to support AI initiatives at scale has been developed as a result of the accelerating expansion of artificial intelligence in banking and financial services.
The capability of the collaboration to provide solutions on numerous levels, ranging from software-as-a-service to infrastructure, is the source of the partnership’s considerable strength.

By using these solutions to boost its anti-fraud solutions, a Brazilian customer was able to achieve a 90% reduction in the amount of time it took to perform document identification. This flexibility has permitted considerable increases in operational efficiency, as proven by the Brazilian customer.

Their operations have been completely revamped as a result of this significant gain in processing capability. According to Leung’s explanation, “What used to take hours or even days can now happen in very short amounts of time.” The process is now interactive, and they are able to collaborate with the consumer in real time, which results in an improved experience for the customer.

This transition is centered on the idea of artificial intelligence factories, which are centralized platforms that combine hardware, software, and development tools for the purpose of creating artificial intelligence applications.
Oracle Corporation, a global provider of enterprise software and cloud computing solutions, and NVIDIA Corporation, the world leader in accelerated computing, are positioning themselves as essential enablers of this transition through their strategic alliance. Oracle Corporation is a global provider of enterprise software and technologies related to cloud computing.Technology that uses artificial intelligence is transforming the way that banks function and how they serve their clients. AI solutions are being used across several dimensions by institutions that are looking to the future. These solutions range from providing customer support to making investment recommendations.

Industry Comments

“AI has been a great motivator to either make that move to get the data closer to cloud services, or adopt cloud services inside of their own premises,” says Leo Leung, GVP of Oracle Tech and OCI at Oracle.

“I’ll spend quite a bit of time talking about data today, because I think that’s one of the prime assets for a lot of financial institutions, and being able to leverage that data with AI is critical.”

Kevin Levitt, Global Industry Business Development, Financial Services at NVIDIA, has observed this acceleration firsthand:

“What financial institutions have quickly realised is that there are so many use cases and so many opportunities to generate either operational efficiencies and/or new revenue streams. Today, banks are operating against hundreds of use cases. It’ll be thousands into the future.”

These sophisticated environments represent a fundamental shift in how financial institutions approach AI development. “It’s not just about the hardware and it’s not just about the software, you need a platform and a full stack that integrates the two,” Levitt explains.

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FAQs

1. What role do Oracle and NVIDIA play in the transformation of financial services through AI?
Oracle and NVIDIA are pivotal enablers in the adoption of AI across financial services. Their partnership combines Oracle’s enterprise software and cloud solutions with NVIDIA’s accelerated computing technology, providing centralized AI platforms (AI factories) for developing cutting-edge applications.

2. How has AI impacted operational efficiency in the financial sector?
AI has dramatically improved operational efficiency. For example, a Brazilian customer using AI-enhanced anti-fraud solutions achieved a 90% reduction in document identification processing time, transforming processes that previously took hours into real-time interactions.

3. What are AI factories, and why are they significant?
AI factories are centralized platforms that integrate hardware, software, and development tools for creating AI applications. They streamline development and implementation, enabling financial institutions to scale AI initiatives effectively and improve customer experiences.

Conclusion

The financial services sector is undergoing a transformative shift, driven by AI advancements and strategic collaborations like the Oracle-NVIDIA partnership. By leveraging centralized AI factories, financial institutions can achieve remarkable operational efficiencies and deliver real-time, customer-centric solutions. Examples like the Brazilian anti-fraud system showcase AI’s potential to revolutionize traditional processes, fostering innovation and enhancing customer experiences. As the industry embraces AI across dimensions like customer support and investment advice, it enters an era of rapid experimentation and evolution. This pivotal moment redefines the technological future of banking, promising a landscape of efficiency, security, and personalization at unprecedented scales.