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Alternative Market Briefing

US financial services firms advance rapidly with artificial intelligence

Friday, June 21, 2019

Laxman Pai, Opalesque Asia:

A large number (84%) of surveyed US financial services corporations revealed they are either currently in or past the "enlightenment age" of artificial intelligence (AI), said a survey.

According to Broadridge's AI Outlook Survey for 2019, firms are using AI for data mining, post-trade processing, market analytics, and trading systems.

Data mining (36%) was followed by post-trade processing (20%), market analytics (13%) and trading systems (12%).

Broadridge polled operations, technology and regulatory leaders from across the financial services industry and released the findings in conjunction with a white paper focused on AI adoption.

29% of companies have moved into the "Industrial Age" with pilots and one-fifth (20%) are in the modern "Information Age" with AI in full production.

Though most companies are in some stage of AI adoption, or at least exploration, a cautious 10% have no current plan to leverage AI.

Broadridge's white paper is paired with the AI Readiness Assessment, which helps firms establish the strategy, structure, systems, skills and staff needed to create a successful AI program.

Respondents also ranked their top motivations or desired outcomes for investing in AI. Half (53%) cited "increased efficiency and productivity" as their top motivation and a majority (84%) included it in their top three.

Other top-three motivations among respondents included enhanced data and security (69%) an......................

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