For several years, NVIDIA has been working with some of the world's leading financial institutions to develop and execute a wide range of rapidly evolving AI strategies. For the past three years, we've asked them to tell us collectively what's on the top of their minds.
Sometimes the results are just what we thought they'd be, and other times they're truly surprising. This year's survey, conducted in a time of continued macroeconomic uncertainty, the results were a little of both.
From banking and fintech institutions to insurance and asset management firms, the goals remain the same - find ways to more accurately manage risk, enhance efficiencies to reduce operating costs, and improve experiences for clients and customers. By digging in deeper, we were able to learn which areas of AI are of most interest as well as a bit more.
Below are the top four findings we gleaned from our State of AI in Financial Services: 2023 Trends survey taken by nearly 500 global financial services professionals.
Hybrid Cloud Is Coming on Strong Financial services firms, like other enterprises, are looking to optimize spending for AI training and inference - with the knowledge that sensitive data can't be migrated to the cloud. To do so cost-effectively, they're moving many of their compute-intensive workloads to the hybrid cloud.
This year's survey found that nearly half of respondents' firms are moving to the hybrid cloud to optimize AI performance and reduce costs. Recent announcements from leading cloud service providers and platforms, such as Oracle Cloud Infrastructure, reinforce this shift and make data portability, MLOps management and software standardization across cloud and on-prem instances a strategic imperative for cost and efficiency.
Large Language Models Top the List of AI Use Cases The survey results, focused on companies based in the Americas and Europe, with a sample size of over 200, found the top AI use cases to be natural language processing and large language models (26%), recommender systems and next-best action (23%), portfolio optimization (23%) and fraud detection (22%). Emerging workloads for the metaverse, synthetic data generation and virtual worlds were also common.
Banks, trading firms and hedge funds are adopting these technologies to create personalized customer experiences. For example, Deutsche Bank recently announced a multi-year innovation partnership with NVIDIA to embed AI into financial services across use cases, including intelligent avatars, speech AI, fraud detection and risk management, to slash total cost of ownership by up to 80%. The bank plans to use NVIDIA Omniverse to build a 3D virtual avatar to help employees navigate internal systems and respond to HR-related questions.
Banks Seeing More Potential for AI to Grow Revenue The survey found that AI is having a quantifiable impact on financial institutions. Nearly half of survey takers said that AI will help increase annual revenue for their organization by at least 10%. More than a third noted that AI will also help decrease annual costs by at least 10%.
Financial services professionals highlighted how AI has enhanced business operations - particularly improving customer experience (46%), creating operational efficiencies (35%) and reducing total cost of ownership (20%).
For example, computer vision and natural language processing are helping automate financial document analysis and claims processing, saving companies time, expenses and resources. AI also helps prevent fraud by enhancing anti-money laundering and know-your-customer processes, while recommenders create personalized digital experiences for a firm's customers or clients.
The Biggest Obstacle: Recruiting and Retaining AI Talent But there are challenges to achieving AI goals in the enterprise. Recruiting and retaining AI experts is the single biggest obstacle, a problem reported by 36% of survey takers. There is also inadequate technology to enable AI innovation, according to 28% of respondents.
Insufficient data sizes for model training and accuracy is another pressing issue noted by 26% of financial services professionals. This could be addressed through the use of generative AI to produce accurate synthetic financial data used to train AI models.
Executive Support for AI at New High Despite the challenges, the future for AI in FSI is getting brighter. Increasing executive buy-in for AI is a new theme in the survey results. Some 64% of those surveyed noted that my executive leadership team values and believes in AI, compared with 36% a year ago. In addition, 58% said that AI is important to my company's future success, up from 39% a year ago.
Financial institutions plan to continue building out enterprise AI in the future. This will include scaling up and scaling out AI infrastructure, including hardware, software and services.
Empowering data scientists, quants and developers while minimizing bottlenecks requires a sophisticated, full stack AI platform. Executives have seen the ROI of deploying AI-enabled applications. In 2023, these leaders will focus on scaling AI across the enterprise, hiring more data scientists and investing in accelerated computing technology to support training and deployment of AI applications.
Download the State of AI in Financial Services: 2023 Trends report for in-depth results and insights.
Watch on-demand sessions from NVIDIA GTC featuring industry leaders from Capital One, Deutsche Bank, U.S. Bank and Ubiquant. And learn more about delivering smarter, more secure financial services and the AI-powered bank.
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
01/06/2026
January 6 2026, 05:30 (PST) Dolby Sets the New Standard for Premium Entertainment at CES 2026
Throughout the week, Dolby brings to life the latest innovatio...
18/05/2026
Despite a bumpy start to the year, the provider of event-production support and ...
18/05/2026
Daktronics has partnered with the University of North Carolina to manufacture and install 11 LED displays totaling more than 10,000 square feet and more than 14...
18/05/2026
CBS LA has announced a multi-year partnership with the Los Angeles Rams, covering exclusive local broadcasts of Rams preseason games, weekly year-round programm...
18/05/2026
Skyline Communications has announced an integration between its DataMiner xOps p...
18/05/2026
eCLUTCH, the hybrid esports platform powered by iKOMG, has announced an expansion of its distribution across Europe, MENA, Africa, and Asia, along with new cont...
18/05/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, includ...
18/05/2026
With 22 games this season, the production team looks forward to tweaking and enhancing the coverage
After 8,660 days off the air, the WNBA returned to NBC yest...
18/05/2026
(L-R) Midori Francis and Natalie Erika James attend the Saccharine premiere during the 2026 Sundance Film Festival at The Ray Theatre on January 22, 2026, in ...
18/05/2026
Last night, the Spotify Podcast Awards in Mexico returned to the country's capital. Now in its second year, the evening honors creators whose voices are hel...
18/05/2026
ZEN-Core synth goes mobile
Roland's powerful ZEN-Core software synthesizer has just been introduced to the iPad, offering a convenient entry point into ...
18/05/2026
Versatile new limiter plug-in announced
Based in Sheffield, UK, fedDSP offer a range of plug-ins that span the music production, live sound and high-end med...
18/05/2026
A new use for convolution?
Viiri Audio's debut plug-in aims to do something a little different with convolution processing, allowing users to adjust all...
18/05/2026
Delta Goodrem shines for SBS as more than 3.27 million Australians tune in for E...
18/05/2026
The Australian Defence Force uses L3Harris T4 and T7 robots for explosive ordnan...
18/05/2026
Continued investment across Europe and Germany is expanding local teams and improving access to stock, regional expertise, and specialist broadcast support.
CV...
18/05/2026
18 May 2026
Dubai and New York, May 18, 2026 - VEON Ltd. (NASDAQ: VEON), a glob...
18/05/2026
Monday 18 May 2026
Sky News offers ad-free podcasts and bonus episodes for just...
18/05/2026
Comscore March 2026 Consumer AI Chatbot Usage Rankings Show Claude Gaining Share OpenAI's ChatGPT maintains lead while Anthropic's Claude continues to c...
17/05/2026
Delta Goodrem's Eurovision Eclipse marks end of a stellar run
17 May, 2026
Media releases
Bulgaria wins Eurovision 2026
Relive every spellbinding mome...
17/05/2026
Back to All News
Oasis Premieres on Netflix June 19
Entertainment
17 May 2026
GlobalSpain
Link copied to clipboard
Summer, sunshine, the beach, parties. T...
16/05/2026
Helps to deliver a clean, balanced midrange
Developed alongside Newfangled Audio, the latest plug-in in Eventide's software collection has been designed...
16/05/2026
Brings onboard stem rendering to RANE System One
Engine DJ have just released Engine DJ 5.0, a free update for their Engine DJ OS embedded hardware and Engi...
16/05/2026
Boris FX Continuum Pairs AI Precision and Advanced Creative Controls
Jessie Electa Petrov May 16, 2026
0 Comments
The 2026.5 release adds automatic de...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
16/05/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
15/05/2026
Seattle Sounders FC and Seattle Reign FC, in partnership with RAVE Foundation an...
15/05/2026
Dan Brumm has served as sound designer on Bluey, the Australian children's t...
15/05/2026
The Professional Audio Manufacturers Alliance (PAMA) and Shure Incorporated are accepting applications for the 6th annual Mark Brunner Professional Audio Schola...
15/05/2026
Netflix has announced an expanded NFL schedule for 2026 and beyond under a four-year partnership extension with the NFL through the 2029-30 season. Each season,...
15/05/2026
Ateme is supporting TVRI (Televisi Republik Indonesia) with a contribution and d...
15/05/2026
Concacaf has announced the launch of a new website and mobile app built on Deltatre's FORGE platform. Concacaf.com and the mobile app, available on iOS and ...
15/05/2026
Eutelsat has announced the launch of QBC Business Economic Channel by Qatar Media Corporation, broadcasting in 4K/UHD via Eutelsat's 7/8 West video neighbo...
15/05/2026
Major League Soccer has announced four original content series timed to the 2026...
15/05/2026
The Alliance for IP Media Solutions (AIMS) has announced it will exhibit and present at InfoComm 2026, taking place June 13-19 at the Las Vegas Convention Cente...
15/05/2026
InfoComm 2026 will take place June 13-19 (exhibits June 17-19) at the Las Vegas Convention Center. The show will include sessions and exhibits covering broadcas...
15/05/2026
Tracy McGrady's Ones Basketball League (OBL) and FuboTV Inc. have announced ...
15/05/2026
Disguise has partnered with Creative Technology (CT) to deliver visual playback ...
15/05/2026
Sony Electronics has announced two new products for professional imaging: the Alpha 7R VI full-frame mirrorless camera and the FE 100-400mm F4.5 GM OSS super-te...
15/05/2026
In-venue and creative video staffers at the professional and collegiate level ha...
15/05/2026
Ratings Roundup is a rundown of recent rating news and is derived from press rel...
15/05/2026
For sports organizations, the most valuable assets are often the most sensitive:...
15/05/2026
The NFL's broadcast partners released their 2026 regular season schedules ye...
15/05/2026
Besides drawing on experience with boxing, the production integrates specialty c...
For several years, NVIDIA has been working with some of the world's leading financial institutions to develop and execute a wide range of rapidly evolving AI strategies. For the past three years, we've asked them to tell us collectively what's on the top of their minds.
