Banco Santander, Nvidia Expand AI Collaboration to Cut Banking Costs

MT Newswires Live10-19 16:16

Banco Santander (SAN) said Monday it has developed new tools with Nvidia (NVDA) to evaluate AI models and agents for banking tasks to improve performance and reduce operating costs.

The bank said its use of smaller, specialized AI models in selected experimental use cases has reduced costs from about 5 euros ($5.61) per interaction to roughly 0.03 euros.

In an experimental customer-service application, it improved conversation quality while cutting costs by more than 50%, the company said.

The company has established a three-year collaboration with Nvidia covering AI models and agents, fraud detection, anti-money laundering, real-time decision-making and simulation technology, including a digital twin of banking operations, it added.

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