Chip manufacturing behemoth Nvidia is seeing the adoption of its financial services grow as it creates custom bank solutions.

“Financial services is one of the fastest growing — and is becoming one of our largest — verticals,” Kevin Levitt, who leads global business development for the financial services industry at Nvidia, told Bank Automation News.  

This is because “the largest banks in the world are investing in building AI factories” with the company, he said. 

The $29 billion BNY, for one, teamed up with Nvidia in 2024 to develop its own AI factory — a cluster of high functioning GPUs on premise — and is using the tech provider’s services for treasury management efficiency and to provide hyper-personalization to its clients.

Nvidia’s ability to quickly process FIs’ large amounts of sensitive data in a safe environment is a plus, Levitt said. The chipmaker is also working with FIs to develop custom solutions like agentic AI and fraud tools, he said. Some of the financial institutions working with Nvidia include: 

• American Express, which uses Nvidia’s gen AI models to stop fraud and has reduced false positives by 6%; 

• European neobank bunq, which uses Nvidia’s gen AI services for fraud and anti-money laundering detection and was able to train its model 100 times faster on Nvidia GPUs; and 

• The $295 billion Swedbank, which uses Nvidia’s services to detect and stop fraud. 

Nvidia reported that it had scanned more than $678 billion worth of transactions for fraud detection during the third quarter of 2024. 

A growing ecosystem

One differentiator for Nvidia from its competitors, like AMD and Intel, is that it offers full-stack AI enterprise services, ranging from hardware to software, which helps banks easily integrate AI capabilities into their operations, Levitt said. 

Some of Nvidia’s services, like its agentic AI model, James, can be provided to banks on premise or on the cloud through its AI factory, making them easy to implement, he said. 

Nvidia provider the following solutions to financial services industry: 

• Anti-Fraud and anti-money laundering solutions; 

• Chatbot services; 

• Data processing and analytics; and 

• AI-driven trading models. 

The company is also investing in robotics, which can aid in making physical tasks at bank branches more efficient, Levitt said. In addition to financial services, the gaming, automotive and manufacturing industries are among Nvidia’s leading verticals, according to the Santa Clara, Calif.-based company’s Q3 2024 earnings report. 

Nvidia will report its fourth-quarter earnings Feb. 26. 

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