Intel AI, Baidu Cloud team up to advance financial services
Baidu Cloud is leveraging Intel Xeon Scalable processors and the Intel Math Kernel Library-Deep Neural Network as part of a new financial services solution for major Chinese banks.
Financial technologies reach new highs, as Baidu and Intel have presented new artificial intelligence (AI) collaborations showcasing applications ranging from financial services and shipping to video content detection at the Baidu 2018 ABC Summit in Shanghai.
In particular, Baidu Cloud is leveraging Intel Xeon Scalable processors and the Intel Math Kernel Library-Deep Neural Network (Intel MKL-DNN) as part of a new financial services solution for major Chinese banks. Baidu is deploying advanced private financial clouds for customers including China Union Pay, AI Bank and the Agricultural Bank of China. The financial clouds run on Intel Xeon Scalable processors and the Intel MKL-DNN library in order to respond to the performance and security requirements of financial services companies.
Intel is known for its efforts to develop AI-based solutions that may be used in the financial services industry. In October last year, for instance, Intel launched the Intel Saffron Anti-Money Laundering (AML) Advisor, which aims to detect financial crime through a transparent AI solution utilizing associative memory.
Intel Saffron’s associative memory AI simulates a human’s natural ability to learn, remember and reason in real time. It mimics the associative memory of the human brain to surface similarities and anomalies hidden in dynamic, heterogeneous data sources, while accessing an infinitely larger data set than its human counterparts. The AML Advisor surfaces these patterns in a transparent way, paving the way for “white box AI” in enterprise applications. These solutions are designed to enhance decision-making in highly complex tasks, and early results indicate they can catch money launderers with unprecedented speed and efficiency.
Financial services companies are increasingly seeking to harness the capabilities of novel technologies. In May this year, Mizuho Financial Group, Inc. (TYO:8411) said it was considering the adoption of a new system for market risk management. Mizuho Financial Group and Mizuho Bank aim to develop a market risk management system using a cloud computing environment provided by Amazon Web Services (AWS).
Mizuho noted back then that global financial institutions are faced with the necessity to enhance their market risk management systems. In order to comply with FRTB implementation requirements by 2022, Mizuho is planning to develop a market risk management system that will incorporate calculation logic capable of supporting sophisticated risk management. The system will utilize AWS’s cloud services.