Artificial intelligence is widely talked about in financial services. But, arguably, the industry still lags behind other sectors – particularly technology giants such as Amazon, Google, Netflix, Apple and Facebook – in putting artificial intelligence (AI) applications to work.
Humans have long attached great value to intelligence, as the Latin representation of the human species as homo sapiens, or ‘wise man’, illustrates.
So far, we have provided a short overview of AI’s foundations and how this is understood by the scientific community.
We moved on to ask respondents how data was used within their organisation (fig 5). Just over a third view data management primarily as a task to feed their investment research (34%).
There has been extensive research during the past five years exploring how financial transaction processing and record-keeping can be remodelled using distributed ledger, or blockchain, technology.
How far have survey participants advanced with AI research projects and implementation? The survey found that just under 40% of respondent firms have already started their research and development efforts (fig 14).
A panel of experts from across the funds industry was asked to comment on the survey.
