Financial service companies are always looking to develop their business. With new technologies and AI capabilities evolving yearly, many companies are finding better ways to analyze data, leverage large language models, and cater to the customer.
But what specific technologies and transformer capabilities can help your financial company grow?
Every year, thousands of AI papers are written. In the last year, 70% of these papers discuss transformers. Transformers are associated with natural language processing, chatbots, voice recognition, reinforcement learning, and much more.
Take BlenderBot, for example. This conversational AI was created by Facebook, and its model has been trained on more than 70,000 interactions. BlenderBot allows anyone to type in a question, receive information, and chat with the AI. But how can you utilize these transformer technologies in the financial services space?
These models, like BlenderBot, can be fine-tuned to fit the needs of your organization. Your company can have its own chatbot, summarize and create documents, analyze information, and predict future data using AI and transformers.
JP Morgan is one of the leaders in the financial services space using AI technology. Their investor report shows that next year, they’ll spend one billion dollars on AI while predicting two billion in return.
Currently, the company has 500 live AI projects, and they’re en route to doubling that number by 2024. Over the years, they’ve improved their cycle of generating AI by about 70%. So, how do they do it?
Initially, JP Morgan did all of their AI on-premise, then they moved to the cloud, and now, their strategy is to undertake a hybrid infrastructure. By strengthening its technology foundation and modernizing its applications, JP Morgan is on track to increase speed and resiliency and drive cost efficiency.
Your financial company might not be a JP Morgan-level business, but there are still tools and partners out there to help you thrive — even on a budget.
“Right now,” Justin Hodgson of NVIDIA explains, “there are enough really, really good transformers available that have already been designed…I think the problem for most customers is, it's too expensive to train them. Or it's too expensive to adopt that model and process it or fine-tune it with their data. And that's where we're trying to help. We've got open-source tools, [and] we've got some new technology coming imminently that's going to make it a lot more cost-effective to do that.”
Megatron is just one of many tools that can help financial service companies thrive. It’s a framework of software that allows you to scale large language models and train them while meeting your budget. This open-source technology, along with many other innovations, can help you scale in a cost-effective way. Additionally, if you want to pursue the technology but don’t know where to start, NVIDIA’s products and people can help you find cost-effective solutions specific to your needs.