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
06/10/2025
France T l visions, France's leading broadcaster, has received the 2025 EBU ...
04/09/2025
Monumental Sports & Entertainment (MSE), in collaboration with Dalet, has been a...
07/08/2025
July 8 2025, 22:30 (PDT) Tata Motors & Dolby Bring Dolby Atmos to Harrier.ev, R...
12/07/2025
As the death toll continues to mount, with at least 120 killed and more than 170 people still missing on July 10 from devastating Texas floods, a number of broa...
12/07/2025
EL SEGUNDO, Calif., and MIAMI -DirecTV and TelevisaUnivision have signed a deal that will make the ad-supported premium subscription tier of ViX, ViX Premium wi...
11/07/2025
PARK CITY, UTAH, July 11, 2025 - The nonprofit Sundance Institute announced today the 11 producers chosen for its annual Producers Labs, returning to Ucross Fou...
11/07/2025
If you've ever wondered what might be playing in Clark Kent's headphones...
11/07/2025
L3Harris Technologies President of Intelligence, Surveillance and Reconnaissance Jason Lambert and General Manager of L3Harris Waco facility Sean Ling held a ce...
11/07/2025
ARLINGTON, Va. WETA, the flagship public media station in the national capital area, has launched WETA+, a new streaming service tailored for the local Washingt...
11/07/2025
The Federal Communications Commission has emerged as one of the central players in the broadcast TV landscape in 2025, with its deregulatory policies sparking h...
11/07/2025
Calrec will introduce usability, customization and system enhancements across its entire range of Argo consoles during IBC2025, Sept. 12-15, at the RAI Amsterda...
11/07/2025
LONDON Encompass Digital Media said it will support live and on-demand viewing of the 2025 FIFA Club World Cup across multiple global regions for sports enterta...
11/07/2025
Two-thirds of broadcast engineers reaped the benefits of a pay raise within the last year....
11/07/2025
CARY, N.C. SmallHD has launched the Quantum 27, a new 26.5-inch Quantum-Dot OLED monitor designed to deliver postproduction image quality in a compact, set-frie...
11/07/2025
The Federal Communications Commission's Enforcement Bureau and Tegna have entered into a consent decree that will settle an investigation into the accidenta...
11/07/2025
WASHINGTON Following news in early July that Paramount had settled President Donald Trump's lawsuit, Sens. Edward J. Markey (D-Mass.) and Ben Ray Luj n (D-N...
11/07/2025
Model/Actriz Performs Lead Single Cinderella on The Late Show with Stephen Colbe...
11/07/2025
Behind the Mic: Amazon Prime Preps for First Season of NBA Action; MSG Networks ...
11/07/2025
SVG New Sponsor Spotlight: Suite Studios' Craig Hering on Adapting to Client...
11/07/2025
2025 SVG Content Management Forum Breaks Down AI's Impact, Continued Transit...
11/07/2025
A Journey HOME: University of Nebraska's HuskerVision Goes IP Leaders from the HuskerVision and Lawo share their IP learnings By SVG Staff
Friday, July 1...
11/07/2025
CMSI, Remote Picture Labs, Ace ESPN's Cloud-Based Editing Efforts for Wimble...
11/07/2025
Netflix Enters the Live-Boxing-Production Ring for Round 2 With Historic Taylor-...
11/07/2025
Back to All News
Too Hot to Handle: Italy Is Coming on July 18 Only on Netflix
Entertainment
11 July 2025
GlobalItaly
Link copied to clipboard
July 11, 20...
11/07/2025
Back to All News
Netflix Will Release Death Inc. Seasons 1, 2 and 3
Entertainment
11 July 2025
GlobalSpain
Link copied to clipboard
Season 1
Season 2
Se...
11/07/2025
AI and Multimedia Authenticity Standards Collaboration launches two papers to guide the future of AI integration, today at the AI for Good Global Summit
The...
11/07/2025
Ceramics - the humble mix of earth, fire and artistry - have been part of a global conversation for millennia.
From Tang Dynasty trade routes to Renaissance pa...
10/07/2025
The current holder of the prestigious Thomson Foundation Young Journalist of the Year Award has been forced to stop reporting over fears for her safety in Afgha...
10/07/2025
Spotify is turning up the volume on Australian music with a multipronged initiative designed to highlight the dominance of Australian artists on the global stag...
10/07/2025
This is not a drill: Oasis is back on the road-marking its first live performanc...
10/07/2025
The music industry depends on fresh ideas, bold voices, and emerging talent. Yet across the U.K., too many young musicians lack the space to develop their craft...
10/07/2025
NEW YORK - July 10, 2025 - Nielsen, the global leader in audience measurement, data and analytics, today announced that it appointed Richard Pacheco as head of ...
10/07/2025
Local newscasts don't exist in a vacuum. News directors and station management constantly evaluate what's working, what isn't and perhaps most impor...
10/07/2025
Lawo has announced that Stuttgart Media University (Hochschule der Medien, HdM) has comprehensively modernized its central recording studio after selecting an I...
10/07/2025
The Society of Motion Picture and Television Engineers (SMPTE) has opened early-bird registration for the Media Technology Summit, which will take place in a ne...
10/07/2025
NASHVILLE, Tenn. TNDV Television has launched Aspiration 35, a new version of its 40-foot Aspiration truck reimagined for cinematic multicamera productions....
10/07/2025
BURBANK, Calif. Key Code Education, a provider of instructor-led postproduction training, is growing its curriculum with new programs for beginner and intermedi...
10/07/2025
HACKENSACK, N.J. Actus Digital will demonstrate how broadcasters can transform compliance monitoring from a necessary expense into a strategic revenue driver at...
10/07/2025
The Federal Register has published a summary of the Federal Communications Commission's Public Notice seeking comments on its ownership rules that lists a d...
10/07/2025
Back to All News
Netflix Presents the Official Trailer for SuperestarPlay Video
Play Video
Entertainment
10 July 2025
GlobalSpain
Link copied to clipboard...
10/07/2025
In the race to understand our planet's changing climate, speed and accuracy are everything. But today's most widely used climate simulators often strugg...
10/07/2025
As one of the world's largest emerging markets, Indonesia is making strides toward its Golden 2045 Vision - an initiative tapping digital technologies and...
10/07/2025
10 Jul 2025
VEON and Cohen Circle Secure Investor Commitments for Kyivstar Listing Kyiv, New York, Dubai, and Philadelphia - July 10, 2025 - VEON Ltd. (Nasdaq:...
10/07/2025
5G for all? What the DFL's use of Easy5G and RefCam could mean for events in...
10/07/2025
Save the Date: PGA TOUR Studios Welcomes SVG Remote Production Summit on Oct 14-...
10/07/2025
Cloud on the Road: How Remote-Production-Service Providers Are Adapting to a New...
10/07/2025
Seattle Kraken's Ryan Schaber on the NHL Team Taking Live Game Productions I...
10/07/2025
FOX Sports Reboots Small Control Room in Los Angeles as Hub for Vertical-First P...
10/07/2025
SVG Sit-Down: MSE's Zach Leonsis, ViewLift's Rick Allen Go Deep on Joint...
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.
