Deutsche Bank executive Dennis Rowe Artificial intelligence (AI) enables the bank to reduce the time to complete some tasks from two years to less than three months, Reuters said on Thursday (June 18). I mentioned Thursday.
Rowe, Deutsche Bank’s chief information officer and investment banker, told Reuters the bank uses simpler models for routine tasks and is cautious about deploying technology across everything.
The bank is currently developing artificial intelligence tools to automate the extraction and analysis of financial data and link external events to its portfolio to measure its exposure to them, according to the report.
To manage the cost of AI, Deutsche Bank allocates tokens to engineers and allows engineers to request more if they can prove value, Rowe said, according to the report.
“We don’t want to slow people down and we want them to keep working, but we also want to get a return,” Rowe said in the report.
the PYMNTS INTELLIGENCE a report “Financial services are ahead in the enterprise AI race“Found that 85% of financial services and insurance companies have at least $1 billion in annual revenue plan to increase their AI budgets over the next 12 months.
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When asked what justifies their investments in AI, 65% of these companies cited productivity and efficiency gains, 65% highlighted strategic/competitive positions, and 55% cited risk reduction and compliance.
“These are results-oriented justifications that require investments in AI to show measurable returns,” the report said.
When asked which AI tasks they rely on most, 65% of financial services and insurance companies highlighted revenue recognition and accounting closing, 60% cited credit risk assessment and scoring, and 60% answered sales forecasting and pipeline optimization.
“The most widely adopted use cases in the industry are clustered in structured, auditable back-office functions: internal processes that keep the business running but are not directly visible to customers,” the report said.
Nvidia A recent report said that nearly 90% of… Financial institutions They deploy or evaluate AI and 65% of them are already using the technology.
KPMG I found that 70% of… Banking CEOs It plans to allocate 10% to 20% of its budgets to artificial intelligence next year. Twenty-four percent of these CEOs said the greatest benefit of adopting AI is enhanced cybersecurity.
