2024: Top five AI stories of the year
The topic of artificial intelligence (AI) continues to dominate headlines and narratives throughout the world of fintech.
With 2024 drawing to a close, here FinTech Futures takes a look back on the top five AI stories to emerge from this year, featuring partnerships, deployments and billion-dollar acquisitions.
BNY Mellon deploys AI supercomputer from Nvidia
BNY Mellon deploys AI supercomputer from Nvidia
US-based banking heavyweight BNY Mellon has deployed Nvidia’s supercomputer, DGX SuperPOD with DGX H100 systems.
The bank is utilising Nvidia’s AI Enterprise software to build and deploy AI applications, and manage its on-premises AI infrastructure.
This includes the 20+ AI-enabled solutions already being produced through its AI Hub, comprising predictive analytics, automation and anomaly detection, and other capabilities.
Some of the use cases supported by DGX SuperPOD include deposit forecasting, payment automation, predictive trade analytics and end-of-day cash balances.
Franklin Templeton partners Microsoft to build “advanced financial AI platform”
Investment management firm Franklin Templeton partnered with tech giant Microsoft in March to build and deliver an “advanced financial AI platform” for its employees and clients.
The US-based firm is leveraging the development tools offered by Microsoft’s Azure AI service suite to bring the platform to fruition.
This includes the suite’s OpenAI service and corresponding GPT-4 large language model, as well as its AI Search and AI Document Intelligence functions.
“The platform will use a multi-layer intelligence approach, where individual AI capabilities can be synchronised to create an advanced level of intelligence for our business,” explains Deep Srivastav, head of AI at Franklin Templeton.
BBVA partners OpenAI to deploy ChatGPT among its employees
Spain’s BBVA partners OpenAI for ChatGPT
Spanish banking giant BBVA came together with ChatGPT developer OpenAI to distribute generative AI tools among its workforce.
The Bilbao-headquartered group began deploying 3,000 ChatGPT Enterprise licenses among employees operating its central services in Spain in May, with additional plans to extend licences to employees in the group’s other “main countries” in due course.
The partnership and subsequent deployment is intended to “increase productivity and process efficiency, while stimulating innovation across the group”.
“The aim is for all areas and departments to have access to ChatGPT, so that licensed employees can collaborate with their colleagues in undertaking various projects,” the group’s statement continues.
BNP Paribas inks multi-year deal to implement Mistral AI commercial models across all business lines
Paris-headquartered banking group BNP Paribas has inked a multi-year agreement with Mistral AI, a technology start-up recently valued at $6 billion.
With the start-up’s solutions in tow since July – with specific attention to its large language models (LLMs) – BNP Paribas says it is now developing “a number of use cases in its businesses across customer support, sales, IT and other areas”.
The bank claims to have been engaging with the start-up, also headquartered in Paris, since September last year, when its Global Markets division first began experimenting with its AI models.
Mastercard puts down $2.65bn for AI-powered threat intelligence platform Recorded Future
Mastercard acquires Recorded Future for $2.65bn
Mastercard signed a deal in September to purchase US-based threat intelligence platform Recorded Future for $2.65 billion.
The platform, which was first acquired by Insight Partners for $780 million back in 2019, is to integrate with Mastercard’s identity, fraud prevention, real-time decisioning, and cybersecurity services.
Founded in 2009, Recorded Future uses AI to analyse vast data sets and provide organisations with real-time insights into emerging cyber threats.
Originally expected to close by Q1 2025, an update delivered by Mastercard in late December confirms that its acquisition of Recorded Future has now been completed.
