Nvidia wants to unlock new AI applications across the financial services industry as the chipmaker looks to gain more financial institution clients.
The trillion-dollar company, which offers solutions in customer experience, cybersecurity, new account acquisition, and regulatory compliance, hopes to develop generative AI uses within finance, Malcolm deMayo, global vice president of financial services at Nvidia, told Bank Automation News.
For example, generative AI “will be used to create better investment strategies, more personalized content, more accurate customer service solutions, and faster fraud and compliance investigation,” deMayo said.
The tech provider’s efforts to grow come on the heels of a dip in revenue in its fiscal first quarter, according to Nvidia’s earnings report released May 25. Nvidia’s revenue during the quarter fell 13% year over year to $7.19 billion but was up 19% sequentially. Nvidia has said it expects revenue in Q2 to reach $11 billion.
Following Q1, Nvidia noted that it sees a $150 billion market opportunity in AI enterprise software — and the tech provider is acting on it.
Santa Clara, Calif.-based Nvidia has been at the forefront of hardware needed for AI services, Gartner AI analyst Moutusi Sau told BAN.
“Nvidia had two foundation models that were already catering to the banks before ChatGPT became a big thing,” Sau said. “A lot of development in generative AI will be hardware-dependent, and NVIDIA has an edge in that space.”
Nvidia reports its fiscal Q2 earnings on Wednesday.
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