Accelerating AI in Finance with Milvus, an Open-Source Vector Database

The financial industry has been an early adopter of open-source software for big data processing and analytics, with banks using platforms like Apache Hadoop, MySQL, MongoDB, and PostgreSQL. With the rise of artificial intelligence (AI), vector databases such as Milvus have become essential tools in managing vector data and enabling similarity searches on massive datasets. Applications of AI in finance include algorithmic trading, portfolio optimization, Robo-advising, virtual customer assistants, market impact analysis, regulatory compliance, and stress testing. Key areas where vector data is leveraged by banks and financial companies are enhancing customer experience with banking chatbots, boosting sales with recommender systems, and analyzing earnings reports and other unstructured financial data with semantic text mining.