The Banking Executive Magazine - February 2025 Issue

DeepSeek’s Rise DEEPSEEK: AN ALTERNATIVE FORCE IN AI DeepSeek, a Chinese AI company specializing in open-source large language models (LLMs), was founded in 2023 and is backed by the Chinese hedge fund High-Flyer. Designed as a cost-effective alterna- tive to AI-driven chatbots like Ope- nAI’s ChatGPT, DeepSeek has rapidly gained traction despite con- cerns over data privacy, information control, data collection practices, and compliance with international regulatory frameworks. Despite these challenges, DeepSeek has quickly emerged as a dominant force in the global tech market. Its free application has even surpassed ChatGPT in popularity, becoming the most downloaded app on Apple's iOS App Store in the United States. Offering an array of advanced fea- tures, DeepSeek has distinguished it- self as a powerful AI tool. The DeepSeek-R1 model is particularly notable for its ability to tackle com- plex queries, mathematical reason- ing, and logical problem-solving. DeepSeek’s applications span vari- ous fields, including content cre- ation, data analysis, coding, and more. The platform is designed to be user-friendly, catering to both begin- ners and advanced users through its web interface and mobile applica- tion. TRANSFORMING THE BANKING AND FINANCIAL SECTOR DeepSeek’s cutting-edge AI capabil- ities are poised to revolutionize the banking and financial industries, leveraging its ability to process large, complex datasets in real time. This enables financial institutions to ex- tract valuable insights, identify trends, enhance forecasting, and op- timize decision-making processes. ISSUE 194 FEBRUARY 2025 the BANKING EXECUTIVE 9