Artificial intelligence (AI) has been applied to a wide variety of businesses and is transforming almost every industry. Financial services is one industry that has deployed AI and leveraged huge sets of consumer and transactional data to develop a variety of competitive advantages. Of course, AI requires a significant amount of infrastructure to have an impact, and what better firm to develop and deploy AI infrastructure than one of the most well-known hardware firms in the world.
Kevin Levitt, Director of Global Industry, Business Development, Financial Services at NVIDIA NVIDIA joined us as this week’s guest on the Fintech Growth Talk to offer some timely insights into the future of AI and financial services.
NVIDIA might not be the first name to come to mind when you think of FinTech. But since approximately 2015, the organization has put its accelerated computing platform to use developing a sophisticated deep learning platform that powers hundreds of applications for financial institutions.
Levitt is quick to note that AI typically is used to drive incremental benefits both to institutions in terms of lower operational costs and higher revenues, but also to customers for enhanced customer experiences, greater personalized experiences, better recommendations, and more. But for NVIDIA, FinTech is more than just mobile-first banking platforms; it includes insurance tech startups as well as global insurance firms. Across the board, these firms are leveraging AI in specific use cases to develop breakthrough solutions to a variety of long-standing challenges.
Indeed, AI is starting to permeate all areas of the financial solutions sectors. From developing personalized credit card offers to consumers to underwriting loans, to a wide variety of other financial services, institutions can now use a wider variety of data to create customized products for customers.
But that’s just one area. AI, like in other industries, can also make operations smoother. For example, Levitt points out, banks can now use AI-driven chatbots to streamline customer service inquiries and answer customers’ questions before a human is involved.
For NVIDIA, the key is helping institutions get the most value out of their data science teams and capabilities by delivering the computing power needed to advance their AI programs. The more NVIDIA can help them leverage accelerated computing power, the more value they can help them get out of their investments in AI. This means bringing products to market faster, but it also means supporting projects intended to spread AI throughout the organization strategically.
Ultimately, Levitt says, financial institutions need to take both a broad strategic view and a narrow, tactical view of deploying AI. What’s more, it’s not only about building proprietary software or even reinventing the wheel; education about the power of AI is one of NVIDIA’s top goals. It’s not just hardware, and it’s not just software, as Levitt points out, but a global ecosystem where the whole is far greater than the sum of its parts.
Kevin leads global business development for the financial services industry at NVIDIA. He focuses on global trends in accelerated computing and AI for consumer finance – including fintech, retail banking, credit card and insurance. Previously, Kevin led sales and business development organizations at two fintechs: Credit Karma and Roostify. He also helped comScore, a digital measurement and analytics firm, grow into a publicly traded, multinational organization, where he served as senior vice president of the financial services practice. Kevin holds a B.A. from American University in Washington and an M.B.A. from the R.H. Smith School of Business at the University of Maryland.
Listen to our full interview with Kevin Levitt here.