Fighting Fraud with AI: Kevin Levitt on NVIDIA’s Innovative Blueprint

It is day two of Money 2020, Europe and Amsterdam.

The market movers team is live on the ground and we're bringing you the latest developments from the event.

The biggest companies are in attendance, including Nvidia, which just reclaimed the status of the world's number one company based on market cap.

Now FinTech TV's founder and CEO Vince Mullennari is standing by ready to talk to a representative from the AI giant.

Hi, I'm joined by Kevin Levitt, the global director of financial services for Nvidia.

Kevin, welcome to the show.

Thanks for having me, Vince.

Delighted.

Well, here we are at Money 2020.

Everybody seems to know the Nvidia name household at this point, but this known about financial services and what you're doing there.

So maybe you can kick off and share a little bit about that with us.

We're happy to.

Nvidia is an accelerated computing platform company.

Uh, we go to market by industry and work to build ecosystems to take advantage of our full stack.

Accelerated computing hardware, software and application frameworks and certainly within financial services, Money 2020 is one of the best ecosystems around where we can engage all of our clients, uh, from payments firms to banks and of course our ecosystem partners across uh the cloud, the GSIs, etc. that are leveraging Nvidia's full stack to build AI enabled applications for financial services.

That's perfect and a great segue for me, uh, as we feel privileged yesterday you introduced the fraud detection blueprint, uh, here at Money 2020.

Share a little bit about what's going on.

It's all about AI.

Absolutely, and the ability of AI to improve how we fight fraud as an industry.

And as you know, fraud is a glaring problem.

It'll account for roughly $0.5 trillion worth of loss to the financial ecosystem over the next 10 years and utilizing AI to do a better job of not only detecting fraud but enabling banks to reduce false positives so that all of our interactions are not restricted when it comes to payments and other forms of transactions.

And when we build blueprints, we're developing.

Reference code reference architectures and deployment tools to help developers and data scientists build and get to production with AI enabled applications more quickly.

In the case of fraud detection and our blueprint there, it really is enabling the use of data to identify anomalies and improve fraud detection accuracy so that all of us are safer when we're interacting with credit cards and other forms of payments.

I don't know if it's a fair question or not, but when we look at financial services relative to AI and detection versus other industries, how much more difficult it is and I know there's a tremendous amount of cost savings from preventing fraud, but is there also an efficiency in the process?

Yeah, of course there's tremendous efficiencies not just in how banks fight fraud or in the case of identity verification for fighting, uh, anti-money laundering and know your customer regulations and adhering to those.

It's utilizing AI across hundreds of use cases today and really thousands into the future.

And in order to do that, we're powering AI factors because like many industries, financial services is about taking data in and manu manufacturing intelligence out and using AI factories and Nvidia's full stack accelerated computing platform to do that is where our customers and partners are seeing tremendous ROI and the investing in AI.

So I'm really interested in this AI factory component.

So we, we look at some of the outcomes and data being so important, uh, and more and more data coming out, you're now the factory that's kind of producing or almost the wholesaler of that outcome of information.

How do you see that playing and I guess agentic AI would have a pretty significant role in that as you continue to model and those agents get smarter and smarter.

Yeah, of course, especially in financial services.

Which is really all about taking data and delivering insights out of that data so that you can deliver better solutions and services to your customers.

And when we're talking about AI factories for financial services, these are full stack platforms that sit horizontally across the bank, across the payments firm.

Uh, across an asset management firm to help them build and deploy reliable AI enabled applications at scale, because everybody is looking for the ability to improve personalization.

To fight fraud, to deliver enhanced customer service, and AI can do all of these things and more and certainly as you mentioned agentic AI is sort of the latest frontier in the evolution of uh AI within financial services and usually using agents to either assist all of us that are in the workplace and or to directly engage with customers is a huge area of investment we see.

Banks like Capital One and others using Agente AI for exactly that.

Terrific.

Well, again, as we said here at Money 2020, pretty full agenda next week with the team and more events.

Maybe you can share what's upcoming.

Yeah, happy to.

Uh, we're really excited that we have Nvidia GTC Paris next week, June 10th through 12th, uh, in association with Vivatech, which is one of the largest technology conferences in the EMIA region.

Uh, our CEO Jenson Huang will be giving a keynote on June 11th, and before that he'll be, uh, engaged with London Tech Week, uh, and delivering a fireside chat in conjunction with that event as well.

Uh, so lots of opportunity for everybody across the region to learn more about how Nvidia's full stack accelerated computing platform serves not just financial services but every industry.

Terrific.

Well, Kevin, thank you so much for joining us.

It's an open invitation come to the New York Stock Exchange, FinTech TV.

Love to host you and have a follow up.

I love that, Vince.

Thank you.

What a pleasure.

Thank you.