Deutsche Bank has allied with NVIDIA to speed up the adoption of artificial intelligence (AI) and machine learning (ML) in the financial services industry.

The multi-year agreement will see the firms combine their capabilities to accelerate the development of an array of AI-powered services.

Specifically, NVIDIA’s AI, ML and accelerated compute knowledge is expected to bolster Deutsche Bank’s risk management capabilities, improve efficiency, and enhance customer service.

To achieve this, Deutsche Bank plans to leverage NVIDIA AI Enterprise, a software solution to streamline AI development and implementation.

Using NVIDIA Omniverse Enterprise, an open computing platform for creating and running metaverse apps, as well as AI models and services, the bank is also developing “next-generation” user experiences.

Deutsche Bank’s teams have already created an early prototype of a 3D avatar to aid staff in navigating internal systems and responding to HR-related queries.

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Deutsche Bank CEO Christian Sewing said: “AI, ML and data will be a game changer in banking, and our partnership with NVIDIA is further evidence that we are committed to redefining what is possible for our clients.”

Furthermore, the lender is working with NVIDIA to test language models to extract key information from unstructured data.

Called Financial Transformers, these language models will use AI and ML models to perform tasks such as quickly retrieving data and identifying issues with the quality of data.

To support the testing and development of AI and ML services, Deutsche Bank also will expand its internal AI centre of excellence through the alliance.

NVIDIA founder and CEO Jensen Huang said: “Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud.

“Every aspect of future business will be supercharged with insight and intelligence running at the speed of light. Together with Deutsche Bank, we are modernising and reimagining the way financial services are operated and delivered.”

In October this year, Deutsche Bank extended its alliance with IT infrastructure services provider Kyndryl to support its ongoing transformation.