Artificial intelligence and deep learning is revolutionizing every industry, and no industry has been impacted more than financial services. According to one study, 32% of financial services organizations spend more than a quarter of their IT budget on AI and 81% plan to significantly increase their investment, which is the highest rate of any industry.
Leading this investment is Natural Language Processing (NLP), which has transformed what is possible for organizations to achieve. NLP has revolutionized the financial services industry by:
- Enabling faster and more accurate processing of claims and document verification
- Driving profitability in capital markets through portfolio optimization and trade strategy innovation
- Increasing market share and facilitating entry into new markets
- Achieving unprecedented levels of customer engagement and satisfaction
- Meeting regulatory compliance faster
- Dramatically reducing costs
In simplest terms, NLP enables a system to understand, interpret, and generate human quality speech. This enables those systems to read, organize, collate, and present text or speech based information back to the organization or customer. By understanding both the words and the context of every user document and communication, these systems can deliver unprecedented service levels to every customer, in any language.
The challenge with this technology is that to effectively take advantage of it requires using some of the largest AI models in existence and powerful deep neural networks.
Early versions of NLP, which used smaller models, were run on legacy solutions designed around existing technology. However, NLP models have been growing at the rate of 10x per year. Only two years ago, traditional data center solutions struggled to power models with hundreds of millions of parameters, much less a billion. And even as the technology struggled to power those smaller models, they consistently failed to meet performance or accuracy requirements.
Today, these models have grown to hundreds of billions of parameters, with trillion parameter models on the horizon. Clearly, a new approach is needed.
SambaNova provides a complete solution, from silicon to software, that is purpose built to power the largest AI. The SambaNova solution powers (many of) the largest NLP models in the world with record setting performance and accuracy. SambaNova provides the models, pretrained for fast deployment as a service. This enables organizations to benefit from NLP and Deep Learning in a fraction of the time than with legacy systems.
Unlock the power of AI and Deep Learning for your organization, register for the webinar “How AI is Changing the Financial Services Landscape” to accelerate your path to becoming an AI enabled organization.