SambaNova Systems set to propel OTP Bank into the age of Artificial Intelligence
OTP Bank has selected SambaNova Systems to help build Europe’s fastest AI Supercomputer, positioning OTP Group and the Ministry for Innovation and Technology (MIT) of Hungary as European leaders in the modern day space race to a post AI business.
The partnership and plan is to create the fastest AI supercomputer in Europe in the coming 100 days in an attempt to leapfrog both Wall Street and Western European competitors in the AI race. OTP Bank is looking to produce an AI system to be used for national research. This research will help to aid the private and public sectors, as well as higher education across all of Central and Eastern Europe in cooperation with the ITM of Hungary.
When speaking to Co-founder and CEO of SambaNova Systems, Rodrigo Liang, alongside Marshall Choy, Senior Vice President and Head of Product at SambaNova Systems, it became easier to understand the scale of the project at hand. Neither of the two seemed to underestimate the task ahead as Liang placed the coming impact of AI ‘being equivalent to that of the internet’ and Choy referencing the fact that even in the ‘Next 5-10 years the bank will look very different and AI is the key driver for this’.
SambaNova is the company that will be carving a path for the future for those moving through what Liang referred to as ‘the chasm which will come from pre to post AI’. They will be doing this by enabling OTP to go from zero-to-AI overnight’, a process which can require years as well as 8-9 digit investment to implement. SambaNova will not leave any stone unturned in their implementation with the systems they will be introducing being an ‘expansive application of AI from the front office to the back office, everything from frontline customer service to back end core banking’ being affected, said Choy.
The partnership and scale of the project places OTP and the ITM of Hungary at an inflection point in the history of AI but what will this mean for consumers? OTP’s 17 million users will be benefiting from faster, more personalized AI-based financial services using the supercomputer. The system will be able to process exponential amounts of data and requests in a short time. It is this ability to cope with size which SambaNova prides itself on with Liang pointing out their ability to ‘tackle some of the hardest problems concerning large amount of data set’s each with unique parameters’ and from this save companies from having to ‘hire a team of data scientists, having the expertise to maintain these models’. This ease of use and streamlining is one of the hallmark features of SambaNova, who pride themselves on actually asking ‘What’s going to actually be one of the challenges which our customers are going to face as they enter this AI transition?’ and not only identifying the answer as ‘the ability to bring in enough expertise to actually then deploy these complex systems in the ecosystem they have’ but creating a product dedicated to the solving of this problem.
Echoing Choy’s claims that AI will be a key driver for change in banking, the next 100 days represent a countdown to the beginning of this changing of the guard, from slow, manual, error-prone processes to quick, streamlined and efficient automation. The aims of SambaNova within this project reflect the importance OTP, the ITM of Hungary and Sambanova Systems may serve in creating a blueprint for future projects as they aim to ‘do more than just deliver tech value, businesses value but also deliver human value’.