The AWS Financial Services Symposium in New York City brought together industry leaders to discuss what’s new when it comes to AI in finance. One solution studied was Deloitte Touche Tohmatsu Ltd.’s C-Suite AI, powered by Nvidia Corp.

The companies started talking about the product back in October 2023, according to Malcolm deMayo (pictured, right), global vice president of the financial services industry at Nvidia. The product is generative AI intended to improve decision-making capabilities of CFOs in the C-suite.

Deloitte’s Diego Saenz and Nvidia’s Malcolm deMayo talk to theCUBE during the AWS Financial Services Symposium.

“CFOs are looking for ways to get answers they can’t get answers to right now. Enter generative AI,” deMayo said. “Enter the company with finance superpowers, Deloitte, and the domain and the engine of AI. We’re working very closely together to come up with how could we do this in a way that not only brings value to the C-suite, but also helps them understand the process so that there’s some AI literacy, some AI learning along the way.”

DeMayo and Diego Saenz (left), AI chief commercial officer at Deloitte, spoke with theCUBE Research’s Savannah Peterson at the AWS Financial Services Symposium, during an exclusive broadcast on theCUBE, SiliconANGLE Media’s livestreaming studio. They discussed the rapid development of AI in finance and the potential for significant business impact. (* Disclosure below.)

Maximizing value with solutions tailored for AI in finance

When it comes to teaching companies which business use cases will drive the most value, there are some general industry use cases, according to Saenz. For instance, take insurance.

“We have something called IndustryAdvantage. We understand the key points of value and what are the levers and what are the challenges. So, we start with that,” Saenz said. “We develop a template for the sector or the industry, and we bring that to our clients and they modify it for their own unique situation. We’re developing those industry generative AI prompts by industry and sector.”

Of course, financial services has been using artificial intelligence for some time, but generative AI is new to everyone. Firms that are investing in technology and building AI literacy are seeing plenty of benefits, according to deMayo.

“As I was saying earlier today, if you’re standing on a train platform, which we all do here in New York, and the train goes flying by, you say, ‘Wow, this is happening so fast,’” he said. “But if you’re on the train, you don’t feel it. If you want to be involved in generative AI, you really have to get going.”

Here’s the complete video interview, part of SiliconANGLE’s and theCUBE Research’s coverage of the AWS Financial Services Symposium:

(* Disclosure: Amazon Web Services Inc. and Deloitte Touche Tohmatsu Ltd. sponsored this segment of theCUBE. Neither AWS and Deloitte nor other sponsors have editorial control over content on theCUBE or SiliconANGLE.)

Photo: SiliconANGLE