AWS, Microsoft Azure and Google Cloud continue to invest heavily in extending their AI offerings.
But what’s the best approach for banks and financial institutions to take advantage of this? Our latest AI Labs paper provides guidelines and considerations to do just that...
The AI Cloud market is characterized by a set of big actors mobilizing massive investments to continuously extend their service catalogue for AI development. For this reason, the main cloud providers (AWS, Google Cloud, Microsoft Azure…) are currently being referred to as hyper-scalers.
By leveraging the ever-increasing AI/ML cloud capabilities and its market-ready solutions that can be integrated into an organisation's workflows seamlessly and at a smaller cost, financial companies could reduce the cost associated with in-house research & development. This would allow banks to concentrate their talent and funding on searching for the most adequate ways to solve the business challenges they face and thrive in this new technology era.
In order to take advantage of the AI Cloud market, financial companies need an in-depth understanding of the available services, capabilities and tools that are offered by the different Cloud providers. It is also crucial that banks identify specific ways to integrate all relevant elements into their experimentation cycle.
In this paper, we set the grounds for how companies in the financial sector can approach this change of paradigm and provide guidelines and considerations on how they can start leveraging hyper-scaler’s AI services.
Towards that end, we introduce the concept of AI Labs, which should be conceived as an ongoing journey, where different capabilities are continuously explored for specific business purposes.
This exploration would shape the overall understanding of the AI Cloud market, allowing any company in the financial sector to leverage state-of-the-art tools and techniques that Cloud providers are continuously incorporating into their portfolios.