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Komfie Manalo, Opalesque Asia: Artificial intelligence is transforming financial services across customer support, research and sales and trading. But as it boosts productivity and lowers costs for banks and financial service firms, AI will also threaten financial service jobs-about 15% of which are at risk, according to a new report from Greenwich Associates.
The new Greenwich Report, AI: The Coming Disruption on Wall Street, provides detailed definitions and an analysis of how financial service firms are applying technology such as machine learning, natural language processing and robotic press automation, and highlights some of the leading technology providers in the area of financial service compliance, customer support, research, sales, and trading.
"Machine learning techniques are helping banks analyze and cross reference vast swathes of data to help them in research and analysis, trading and compliance," says Richard Johnson, Vice President of Market Structure and Technology at Greenwich Associates, and author of the report.
The report concludes that three-quarters of banks and financial services companies will be leveraging artificial intelligence in their businesses within the next 12 months. Almost one-in-five have already implemented AI technology, most commonly in research/report generation and customer support.
That usage represents only the very tip of the iceberg. Cognitive computing has ...................... To view our full article Click here
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