AWS Financial Services Symposium | Diego Saenz | Deloitte Consulting & Malcolm deMayo

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Diego Saenz

AI Chief Commercial Officer

Deloitte

Malcolm deMayo

Global Vice President, Financial Services Industry

NVIDIA

Unleashing finance superpowers: Nvidia and Deloitte’s C-suite AI insights

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

play_circle_outline Discussion about the role of the AI Chief Commercial Officer

play_circle_outline Importance of use case definition in AI implementation

play_circle_outline Deloitte and Nvidia Partner to Create an Innovative C-Suite AI Platform with Enhanced User Experience

play_circle_outline Description of the AI-Powered Insights module and its features

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Diego Saenz | Deloitte Consulting & Malcolm deMayo | NVIDIA

Diego Saenz

AI Chief Commercial Officer Deloitte

Malcolm deMayo

Global Vice President, Financial Services Industry NVIDIA

>> The AWS Financial Services Symposium, presented by theCUBE.

>> Good evening AWS fans, and welcome back to New York City. We're here at AWS Financial Services Symposium. My name's Savannah Peterson here for theCUBE, joined by some really awesome guests that I'm excited to talk to. Definitely both from companies you've heard of. We've got Diego and Malcolm joining me. Hello gentlemen. Thank you so much for being here.

>> Great to be here. Thanks for having us.

>> Yeah. It's awesome to be here with you, Savannah.

>> I mean, you're basically my co-host now.

>> Okay.

>> So I look forward to this, on your second time on the show today. I'm feeling good. Well, we'll get you and IFB in your ear here soon. That'll be our next step. Diego, you have a really cool job title. And before we get into the meat of the conversation here, I just got to ask, what does the AI chief commercial officer do?

>> It makes AI reels for our client. We innovate on behalf of our clients, and we take solutions like C-Suite AI to our clients. So it's really about taking commercial solutions to our clients that we built with our partners like AWS and NVIDIA. So it's about innovation, it's about solution, and it's about business value.

>> I feel like it's going to be a title we see more and more of as things roll out. You mentioned C-Suite AI.

>> Yes.

>> You just had a huge announcement at your show. We were just saying, I can't believe it's already been three months since that. Holy moly. Time is really going, genuinely is. GenAI is moving fast. Time is moving fast. Everything's happening. What is it?

>> It is GenAI designed to improve the efficiency and the decision-making capabilities of CFOs in the C-Suite.

>> Which is something I'm sure is totally on demand. What's the response been like since you announced it?

>> It's been amazing. Globally, we have over 20 plus clients, some big European banks, and there's just a lot of interest in a solution versus tooling. Tooling is important, but our clients are looking for solutions that have clear business value.

>> No wonder you're working with someone like Malcolm then.

>> Malcolm is fantastic.

>> How long did it take you guys collaborating to then take this product to market?

>> It's a great question, Savannah. We started talking about this back in October of '23, and we were-

>> This is quick. Not that long ago.

>> Six months. Yes.

>> Wow. Oh my gosh.

>> But a GenAI time is.

>> Well said, yeah. Seriously.

>> And we were thinking, okay, what's going on today? There was an article in the Wall Street Journal on Saturday, and the thesis of the article was that CFOs are upset or concerned that Excel is holding back AI in finance. So check it out.

>> It makes a lot of sense.

>> Check it out.

>> What a quote though, to even think about that. I can see it as a .

>> Diego and said, this is a gift.

>> Yes. I could see why.

>> But at any rate, so CFOs, they're looking for ways to get answers they can't get answers to right now. Enter generative AI, enter the company with finance superpowers, Deloitte, and the domain and the engine of AI. So 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. So a double entendre there.

>> Yeah. Well, you have to do them in tandem. Otherwise, I mean, we're all getting... I mean, AI's been around for a while, but there's a literacy moment for everyone, I think as more and more tools are rolling out so fast. So it doesn't matter how deep in the ML world you are, it's a whole shebang. Six months is pretty fast to get a product to market. And you have some really interesting design principles that guide that. Can you tell me about those, Diego?

>> Yeah. So there's a number of them. One is around use case definition and use case definition, we-

>> So important, I feel like every organization's missing that mission-critical first steps of time just to figure out what we're doing.

>> So there's strategic AI, let's call it operational AI. Strategic AI starts with a business question or a business challenge. That's what the C-Suite deals with. So we started with that. We developed the concept of an anchor prompt. An anchor prompt is a business challenge that's translated to a GenAI prompt. So then we work backwards from that and say, "Okay. What training data do I need to be able to answer that prompt?" And we look in three categories, Deloitte IP, public data, and then the enterprise data. And we combine them together to fine tune a model. So you've gone from a business question, to a prompt, to training data, to a tuned model. So that methodology enables us to really define that use case. And the use case can be around cost optimization, growth strategies, M&A, compliance. There's a broad range of topics. So the use case definition really starts from a business question that gets translated into a prompt that gets translated into a model.

>> How do you walk people through that process of even understanding what business use cases are going to drive the most value quickest?

>> Yeah. So that's a great question. There's some general industry use cases. So we just finished working with insurance. So we have something called Industry Advantage. We understand the key points of value and what are the levers and what are the challenges. So we start with that. 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. So we're developing those industry GenAI prompts by industry and sector. So we're launching investment management here in New York next week With about 20 CFO.

>> Congratulations.

>> So we have investment management, I think BlackRock, Fidelity, Vanguard. Insurance we already have in progress, and now we're doing the broad banking capital markets.

>> Wow, that's really exciting.

>> It is.

>> I would say just simplifying that for the rest of the world, Mr. consultant.

>> Yeah, break it down, Malcolm.

>> It's real simple. It's value and feasibility and essentially it breaks down. You just create a two-by-two and you rock and roll. And that's what we're doing. And it's been so well received, Savannah. It's really exciting.

>> It is super exciting. I can tell what an exciting time. It's where I can feel your energy even just sitting here. It's awesome. Malcolm and Nvidia, you arguably working at the hottest company on the planet right now. Everyone probably wants to partner with you. How do you determine who to build with? Or does Deloitte come to you? How does this all break down?

>> So we sat down, like I said, back in October, and brainstorming around how could create a solution that takes advantage of both of our superpowers. So Deloitte arguably the best in the world in working with CFOs. Nvidia, the engine of AI. Put the two together, you have the intersection of CFO and generative AIs, on top of an AWS cloud. So I think that's how we got here.

>> Yeah. And I would say that was the aha moment. Everything we did prior to that was super important. We've had a partnership with Nvidia for three years.

>> I was going to ask how long, because obviously you'd been hanging out if you're texting each other after the October. You discover article, you know this is...

>> It was last weekend.

>> Yeah. So I've spent a lot of time in Santa Clara and Nvidia headquarters. If you haven't been there, it's super cool. It's a must have.

>> Yeah, I need a tour.

>> Yes, you definitely need a tour, Savannah. It is really, really cool.

>> You got to come out.

>> Yeah. Well, I'm just up the street, Malcolm, I'm going to come down. Be careful what you whisper, I'll knock on the door.

>> Yeah.

>> So we have been working with Nvidia for three or four years. We actually have our own super pod for Deloitte and our AI center. We have done some major acquisition for Nvidia consulting companies that we did about two and a half years ago. SFL Scientific is a big acquisition we did to augment our capability, and honestly, we were just so well positioned to take advantage of the moment. So that's when October came. It was on the back of three years of hard work.

>> I was going to say, and even not just in this partnership, but how long have you been anticipating this big shift? I mean, I'm going to go to you first Malcolm because I mean you're powering it. How long have you been waiting for the market and the world to catch up to what you've been thinking about? Probably for quite a while.

>> So financial services has been using AI for a very long time. It's not new to them. Generative AI is new to everyone. So they're going to move at a pace that's a little more cautious than maybe other industries and rightly so. But the firms that are investing in the technology and building AI literacy on their teams and leveraging... By the way, when you build AI literacy and you build the stack to build AIs on, it becomes a recruiting tool. So there's a lot of benefits to these firms, but 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 see, wow, this is happening so fast. 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. And under the hood, we're very concerned about important things like making sure that models are delivering accurate answers. So we've architected with Deloitte and with AWS, a very, very... We've been very thorough in the thinking and how we're going to make sure that prompts are not toxic, make sure that responses are factual. And we're using our platform, we're using elements from AWS, and then we're using the domain expertise from Deloitte to deliver this.

>> And I would imagine with going into the prompting bit, you've got to be able to trust. I mean, trust has got to be really core, especially-

>> If you don't trust something, you won't use it.

>> And especially if I'm a CFO.

>> Yeah.

>> Marketing land, sometimes we'll play with things, but it definitely makes a really big difference in that position.

>> But if you think about it, Diego and I have sat in our briefing center with a European brand who told us they have a gymnasium-sized room filled with contracts. And guess what? Every big financial firm does, and they may be PDF, but when a question comes in, somebody's got to pull that up, read it, interpret it, and then answer the question. This is one of the modules of C-Suite AI. It's the ability to really... So they happen to tell us that the P&L entry for FTEs pulling and interpreting contracts is €4 billion a year.

>> Just a little bit of cash.

>> Yes. So that was one of the modules that came out that that's called contract intelligence. It's the ability to take all the enterprise contracts and then tune a model with those contracts and then be able to extract intelligence from that in a number of different ways.

>> And an immediate realization of value from something like that and just time-saved. I can only imagine. And that knowledge graph is so powerful for the rest of the team. Everybody gets smarter together faster.

>> There's operational efficiency and then unlocking value in terms of contract terms, renegotiation. Value that it's hard to get at because it's buried, well now it's accessible to you via natural language prompt. So that was an-

>> Which is How everybody wants to interact within any way.

>> Yes.

>> Anything that's in the system, man. So tell me about some of the other modules.

>> So AI-Powered Insights is our first module, and that one really brings both structured and unstructured data around those 10 dimensions of value, cost, growth, profitability. It is integrated with underlying ERP systems. So think all the big systems, Oracle, SAP, Salesforce, et cetera. We then extract the data and then do an AI pipeline to train the model continuously. And then you can ask those questions. Simple, beautiful UI interface. Our motto is power and simplicity. It's got to have the same simplicity of some of the commercial consumer tools.

>> It really does.

>> But even more power because now you're running your enterprise with it. So that's an example of that. If I'm running a large cost optimization program, which many companies are, you can do scenario modeling, you can do what-if analysis, and then you can even then do forecasting on that using traditional ML. So that's an example that we actually have up and running.

>> That's pretty cool. I can imagine. Something that you've both touched on throughout the course of this interview is the user experience. If you're really thinking about not just the CFO, even though that's what this is tailored towards, it's everyone else. Each one of those knowledge workers is going to be learning from this and increasing their AI literacy. The simplicity of a platform, I feel like sometimes we forget that complex stuff needs to be delivered to us. So simply it needs to be digestible. Everyone on an order is looking at a dashboard or whatever's going on.

>> When OpenAI launched your product, it went from 0 to 100 million users in 60 days.

>> Fastest adoption of anything ever.

>> Why? Power and simplicity. And we're taking that same principle and adopt it to C-Suite AI.

>> No wonder. All right. I have two more questions for you. Have any of the use cases or scenarios that you've encountered, because I'm sure you've got to talk to so many different customers. Have you ever been really surprised by anything or did you have a lot of knowledge going into this and you were so prepared for the moment that there's been nothing shocking?

>> I'd say the biggest surprise, and maybe you have a different view on this, is not that we haven't hit the mark. I think the biggest surprise is just how interested everyone is. The desire to learn more, take the next step, it seems to be close to 100%.

>> . Wow. That's really saying something. I love that. The eagerness is your surprise, which is cool. Would you agree, Diego?

>> I would. And one of our clients in Europe said, "This makes Gen AI real for me."

>> And that's what we're all about, giving you the poetry snaps right now for that because I know, it's great.

>> We hear back things like that. It makes gen AI real for me. This is what we should be doing. This is what we're hearing.

>> Gosh, gives me the feels as a nerd even to go. It's nice. Well, because people want a good solution and they want to go innovate and go do stuff and not be stuck at this stage of what do we do next? You're the gateway then for everybody to start really realizing the benefits of this whole technological revolution.

>> That's a great point, Savannah, which is, it's on-ramp, the transformation journey.

>> Which is so cool.

>> It's an easy on-ramp to get on and then you can then transform from there.

>> No wonder everybody's so excited. Now I'm excited. I'm not even a CFO. Here we go. Let's go baby.

>> We'll promote you.

>> Yeah. I love it. I'm not sure anybody wants me taking care of their books. now that I'm not self-aware. Okay. Last question for you, because you're both fantastic guests and I'm sure we'll have you back here. I mean, we've already had you on twice today, Malcolm, so that's a given. What do you hope to be able to say, let's say a year from now when we're back at this symposium that you can't say today?

>> You go first?

>> Well, a number of things. One is, we would like to be able to disclose them with the clients we're working with because I think you're going to be-

>> We'd like that too. Yeah.

>> So I think we're going to have some great stories to share with you a year from now. And the other part to me is the way that our clients have surprised us. I would love to share with you that question of client stories that have taken something that we have a very good foundation and they took it to the next level, because I think real innovation happens at the client. We can foster it, we can bring in the foundations, but then they apply to their business.

>> I mean, I would argue that what you two have done together is very innovative as well. But I do know what you mean. When you see it out in the wild, it's a totally different

>> Yes.

>> Yeah. We never know how things are going to be used until people actually use them. What about you, Malcolm?

>> I don't think there's a whole lot more to add to that. I think those are the two. I think there is one thing I would add too. One, being able to share a long list of successes where we can celebrate solving problems. And two, back to your question on surprise. I know there's going to be a surprise. There always is when we dig in. So it'll be interesting to see what they are.

>> Well, I can't wait to hear about it all on the show. Malcolm and Diego, thank you so much for taking the time on undoubtedly a very busy day.

>> Enjoyed it.

>> This is super exciting. I'm taking you out. I'm coming to HQ. I want to come check it out. And thank all of you for tuning into our 15 incredible segments here at AWS Financial Services Symposium in New York City. My name is Savannah Peterson. You're watching theCUBE, the leading source for enterprise tech news.

Diego Saenz | Deloitte Consulting & Malcolm deMayo | NVIDIA

>> The AWS Financial Services Symposium, presented by theCUBE.

>> Great to be here. Thanks for having us.

>> Yeah. It's awesome to be here with you, Savannah.

>> I mean, you're basically my co-host now.

>> Okay.

>> I feel like it's going to be a title we see more and more of as things roll out. You mentioned C-Suite AI.

>> Yes.

>> It is GenAI designed to improve the efficiency and the decision-making capabilities of CFOs in the C-Suite.

>> Which is something I'm sure is totally on demand. What's the response been like since you announced it?

>> No wonder you're working with someone like Malcolm then.

>> Malcolm is fantastic.

>> How long did it take you guys collaborating to then take this product to market?

>> It's a great question, Savannah. We started talking about this back in October of '23, and we were-

>> This is quick. Not that long ago.

>> Six months. Yes.

>> Wow. Oh my gosh.

>> But a GenAI time is.

>> Well said, yeah. Seriously.

>> It makes a lot of sense.

>> Check it out.

>> What a quote though, to even think about that. I can see it as a .

>> Diego and said, this is a gift.

>> Yes. I could see why.

>> Yeah. So there's a number of them. One is around use case definition and use case definition, we-

>> So important, I feel like every organization's missing that mission-critical first steps of time just to figure out what we're doing.

>> How do you walk people through that process of even understanding what business use cases are going to drive the most value quickest?

>> Congratulations.

>> So we have investment management, I think BlackRock, Fidelity, Vanguard. Insurance we already have in progress, and now we're doing the broad banking capital markets.

>> Wow, that's really exciting.

>> It is.

>> I would say just simplifying that for the rest of the world, Mr. consultant.

>> Yeah, break it down, Malcolm.

>> Yeah. And I would say that was the aha moment. Everything we did prior to that was super important. We've had a partnership with Nvidia for three years.

>> I was going to ask how long, because obviously you'd been hanging out if you're texting each other after the October. You discover article, you know this is...

>> It was last weekend.

>> Yeah. So I've spent a lot of time in Santa Clara and Nvidia headquarters. If you haven't been there, it's super cool. It's a must have.

>> Yeah, I need a tour.

>> Yes, you definitely need a tour, Savannah. It is really, really cool.

>> You got to come out.

>> Yeah. Well, I'm just up the street, Malcolm, I'm going to come down. Be careful what you whisper, I'll knock on the door.

>> Yeah.

>> And I would imagine with going into the prompting bit, you've got to be able to trust. I mean, trust has got to be really core, especially-

>> If you don't trust something, you won't use it.

>> And especially if I'm a CFO.

>> Yeah.

>> Marketing land, sometimes we'll play with things, but it definitely makes a really big difference in that position.

>> Just a little bit of cash.

>> Which is How everybody wants to interact within any way.

>> Yes.

>> Anything that's in the system, man. So tell me about some of the other modules.

>> It really does.

>> When OpenAI launched your product, it went from 0 to 100 million users in 60 days.

>> Fastest adoption of anything ever.

>> Why? Power and simplicity. And we're taking that same principle and adopt it to C-Suite AI.

>> . Wow. That's really saying something. I love that. The eagerness is your surprise, which is cool. Would you agree, Diego?

>> I would. And one of our clients in Europe said, "This makes Gen AI real for me."

>> And that's what we're all about, giving you the poetry snaps right now for that because I know, it's great.

>> We hear back things like that. It makes gen AI real for me. This is what we should be doing. This is what we're hearing.

>> That's a great point, Savannah, which is, it's on-ramp, the transformation journey.

>> Which is so cool.

>> It's an easy on-ramp to get on and then you can then transform from there.

>> No wonder everybody's so excited. Now I'm excited. I'm not even a CFO. Here we go. Let's go baby.

>> We'll promote you.

>> You go first?

>> Well, a number of things. One is, we would like to be able to disclose them with the clients we're working with because I think you're going to be-

>> We'd like that too. Yeah.

>> I mean, I would argue that what you two have done together is very innovative as well. But I do know what you mean. When you see it out in the wild, it's a totally different

>> Yes.

>> Yeah. We never know how things are going to be used until people actually use them. What about you, Malcolm?

>> Well, I can't wait to hear about it all on the show. Malcolm and Diego, thank you so much for taking the time on undoubtedly a very busy day.

>> Enjoyed it.