FinTech LIVE New York - NVIDIA Keynote Presentation

September 30, 2024

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Featuring at FinTech LIVE New York, NVIDIA’s Pahal Patangia explores how AI is transforming the financial services sector

On 17 June, FinTech LIVE hosted an exciting virtual event that connected internationally acclaimed business leaders across the Finserv, Banking & Insurance industries, allowing experts to network, learn and exchange knowledge - FinTech LIVE New York.

Throughout the event, attendees were able to participate in a span of interactive panel discussions, fireside chats and presentations, which all delved into a myriad of topics, such as transformation and payments, strategy and digitalisation.

During the day, Pahal Patangia, Machine Learning & Generative AI for Fintech at NVIDIA took to our virtual stage to discuss the evolution of AI and its expansion across financial services.

NVIDIA’s Pahal Patangia explores how AI is transforming the financial services sector

The Journey of AI

Throughout the keynote presentation, Pahal tracked the journey of AI so far, from the release of AlexNet in 2012 which catalysed worldwide interest in deep learning and machine learning, to the introduction of ChatGPT in 2022 which sparked global adoption and interest in this technology. Across the financial services sector, AI and machine learning are proving to spark a new modern industrial revolution.

"The world woke up to the idea of machine learning and deep learning at scale, starting with AlexNet in 2012," Pahal explained.

Across payments, banking and capital markets in financial services, companies such as Capital One and PayPal were spotlighted as early adopters of AI, utilising its diverse range of abilities from the beginning.

Now, AI has undergone democratisation, allowing it to become more accessible to users as they can converse with this technology in a language that they understand. Additionally, this change has also allowed developers and executives to utilise AI without needing to have a complex range of technical skills.

"You don't need a computer language to communicate with machines anymore; you can converse in your own language," said Pahal.

The Benefits of AI

Pahal delves into the diverse span of benefits AI possesses, such as enhancing customer satisfaction, providing real-time insights and improving efficiency in the workplace. From AI-driven chatbots that process vast amounts of data efficiently to generative AI that permits AI-embedded products to be developed, Pahal explored how AI and machine learning are enhancing many elements in the workplace.

"Generative AI and large language models have transformed efficiency, enabling the creation of new AI-embedded products and services," Pahal said.

He continues to explore the practical benefits of AI in financial services, such as automating manual workflows to enhance operational efficiency, providing rapid and accurate responses to queries from customers to enhance their care and processing hundreds of documents to help buying and selling decisions and equity research analysts.

Pahal continued to delve into the vast range of benefits AI possesses across multiple industries, such as insurance, fraud and finance. For example, Pahal explored Zurich’s use of AI and explained how the company effectively utilised AI to process an abundance of claims data correctly, as well as integrating climate risk data to predict risk better by utilising NVIDIA's digital twin technology.

As well as this, he explored how AI can be used for effective fraud detection, like credit card fraud, in order to utilise accelerated computing and stay proactive.

"Fraud detection models need to be trained adaptively to stay ahead of malicious actors," Pahal explained.

Future Outlook

Looking ahead to the future of financial services, Pahal highlights how important this technology will be in catalysing change because a significant number of institutions are adopting AI and accelerated computing as part of their operations. As a result of this, he emphasises how stakeholders can enhance their data-driven decision making without possessing a complex technical knowledge of the field, due to the incredible ability of Generative AI to allow organisations to transform their interactions with data.

"Generative AI and large language models have transformed efficiency, enabling the creation of new AI-embedded products and services," Pahal said.

Overall, Pahal explores the incredible transformative potential of utilising AI in financial services, allowing organisations to gain a competitive edge and improve their efficiency, as well as keep pace with the evolving landscape of the industry and the pivotal role of AI.