Your Bank’s Local Branch, in the Metaverse

Your Bank’s Local Branch, in the Metaverse

Your local branch office may soon be in the metaverse thanks to artificial intelligence (AI), machine learning, and the metaverse.

Nvidia and Deutsche Bank are exploring how these converging technology stacks can work together to re-create the experience of having a local branch. The twist? This time the person behind the teller’s desk may not really exist at all.

Something new or something old

Frankfurt-based Deutsche Bank is partnering with Nvidia to roll out AI solutions in a number of areas. The partnership aims to accelerate AI and machine learning in the banking sector, eventually making it possible to boot up virtual banking assistants powered by Nvidia omniverse technology. Omniverse is the brand name for Nvidia’s version of the metaverse. 

Christian Sewing, the CEO of Deutsche Bank, is predicting big things from the collaboration.

“AI, ML and data will be a game changer in banking,” said Sewing, “and our partnership with NVIDIA is further evidence that we are committed to redefining what is possible for our clients.”

NVIDIA founder and CEO Jensen Huang agrees.

“Accelerated computing and AI are at a tipping point, and we’re bringing them to the world’s enterprises through the cloud,” said Huang. “Every aspect of future business will be supercharged with insight and intelligence operating at the speed of light.

“Together with Deutsche Bank, we are modernizing and reimagining the way financial services are operated and delivered,” Huang added.

Part of the ‘reimagining’ process is to create virtual customer engagement avatars, or tellers, in the metaverse, so that users will experience a human (or humanlike) interaction in real-time. 

The concept may be familiar to anyone who is old enough to remember when banks had brick-and-mortar locations on every street corner. With the avatars themselves potentially powered by AI rather than humans, the idea is at once both a throwback and simultaneously sci-fi.

Your Bank’s Local Branch, in the Metaverse

Chatbots don’t offer financial advice (yet)

AI Chatbots are already making startling progress in poetry, programming, writing, and other areas. So far they have failed to crack the financial sector.

Together Nvidia and Deutsche Bank hope to explore how transformer neural nets (bots) can be applied to the financial sector and create financial transformers – finformers.

The two companies hope that their new class of finformers will “provide early warning signs of counterparty risk, retrieve data faster, and identify data quality issues.”

The big question remaining is whether these fantastical finformers, once they materialize, will take to close every conversation with the caveat “not financial advice.” 


Image credits: Shutterstock, CC images, Midjourney, Unsplash.