
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 ...
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...
02/05/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
01/05/2026
January 5 2026, 18:30 (PST) NBCUniversal's Peacock to Be First Streamer to ...
01/04/2026
January 4 2026, 18:00 (PST) DOLBY AND DOUYIN EMPOWER THE NEXT GENERATON OF CREATORS WITH DOLBY VISION
Douyin Users Can Now Create And Share Videos With Stun...
23/03/2026
The Professional Fighters League (PFL) has renewed its multi-year partnership wi...
23/03/2026
The Snow League has named Google Cloud as its Official Cloud and AI Partner. The...
23/03/2026
Chyron has appointed Eric Wolff as Director of Venues Sales, North America. Wolff previously served as Director of Broadcast Operations & Media Production for T...
23/03/2026
Chicago Sports Network (CHSN) and Weigel Broadcasting's WCIU (The U, ch. 26.1) will simulcast 10 Chicago White Sox games during the 2026 season, the compani...
23/03/2026
Cosm has appointed Jon Werbeck as Vice President, Head of Sponsorships. He will report to Corey Breton, Head of Venues, and will focus on corporate sponsorship ...
23/03/2026
CP Communications has announced a partnership with Mark Roberts Motion Control (...
23/03/2026
NAB Show 2026, taking place April 18-22 (exhibits April 19-22) at the Las Vegas ...
23/03/2026
Bay FC and free streaming platform Victory have announced a partnership through...
23/03/2026
Gemini AI models will surface hidden context around pitches, matchups, rare stat...
23/03/2026
Behind The Mic provides a roundup of recent news regarding on-air talent, includ...
23/03/2026
Growing from broadcast engineer to strategic planner, this Ithaca College grad h...
23/03/2026
16 Science-Focused Nonfiction Projects Selected for Funding
LOS ANGELES, CA, March 23, 2026 - The nonprofit Sundance Institute and Sandbox Films announced toda...
23/03/2026
It's been 20 years since Miley Cyrus introduced the world to Hannah Montana,...
23/03/2026
Made entirely from real natural recordings
Aimed at sound designers and editors working in film, TV and game audio, the latest release from BOOM Library com...
23/03/2026
Transcribe sheets, tabs or MIDI from audio files
Klang.io have announced the launch of a new AI-powered software tool that's capable of detecting multip...
23/03/2026
An auxiliary target has been affixed to the Interim Cryogenic Propulsion Stage f...
23/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
23/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
23/03/2026
Pro8mm, the Super 8 experts, provided cameras, Super 8 movie film, and scanning services for Bruno Mars' Risk It All music video. The debut single from Br...
23/03/2026
Matthews, introduces their first aluminum grid clamp collection, engineered for the rigging needs of film, television and live production. Combining light weigh...
23/03/2026
Monday 23 March 2026
Hacks, the multi-Emmy -winning Sky Exclusive comedy, retur...
23/03/2026
Back to All News
Too Hot to Handle: Italy Reignites for a Second Season With th...
23/03/2026
Autonomous agents mark a new inflection point in AI. Systems are no longer limited to generating responses or reasoning through tasks. They can take action: Age...
23/03/2026
RT is sad today to learn of the death of legendary RT Sport broadcaster Michael Lyster, who died this morning aged 71 years.
Kevin Bakhurst, Director-General...
23/03/2026
RT Documentary On One has scooped its first ever dedicated music award. At the 2026 Icelandic Music Awards, composer lfur Eldj rn won Release of the Year in t...
23/03/2026
Inside Sport, Liveline, Morning Ireland and 2FM DRIVE will all be in Prague to bring fans to the heart of the action
Every Moment, Every GenerationRT | FIFA W...
22/03/2026
Free updates now available
VSL have just released some free updates that add some existing features to a selection of libraries in their expansive Synchron ...
22/03/2026
Back to All News
Live-Action Sins of Kujo' Premieres April 2: Main Trailer and Key Art Debut
Entertainment
22 March 2026
GlobalJapan
Link copied to cl...
21/03/2026
Presented to War Child UK's HELP(2) project
The MPG (Music Producers Guild) have announced the launch of the MPG Impact Award, a brand-new honour that w...
21/03/2026
Microtuning support for Arabic, Persian & Turkish scales
The latest release from Best Service brings together a selection of string, wind and percussion ins...
21/03/2026
New campaign from NAATI and SBS CulturalConnect highlights how we all deserve t...
21/03/2026
Statement regarding Rhoda Roberts AO
21 March, 2026
Media releases
SBS is deeply saddened by the passing of Widjabul Wia-bal woman from the Bundjalung Na...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
21/03/2026
Cine Gear Connect NY, presented by Universal Production Services, is filling in the slate for a full day of panels, peers, learning the latest, and mixing it up...
21/03/2026
Studio Technologies Debuts New StudioComm System at NAB 2026
Brie Clayton March 20, 2026
0 Comments
StudioComm Model 794 Central Controller and Model ...
21/03/2026
Restoration Christian Fellowship Captures Worship Music Videos with PYXIS 12K
Brie Clayton March 20, 2026
0 Comments
PYXIS' open gate provides cre...
20/03/2026
Net Insight will introduce a JPEG XS solution for full IP environments at NAB Sh...
20/03/2026
LTN has expanded its technology partnership with Harmonic ahead of the FCC's...
20/03/2026
Solid State Logic will preview SSL Live V6.2 at NAB Show, booth C6907. The softw...
20/03/2026
FUJIFILM North America Corporation's Optical Devices Division has announced ...