Rise of the machines: AI and machine learning in financial services
FinTech Futures launches its first industry report for 2020. Download it today!
Whether the future entails Daleks floating up staircases, T-1000s crunching through human skulls, or androids dreaming of electric sheep, AI and machine learning have certainly captured the imagination of banking executives across the industry.
While automated processes and the computerisation of trading and order flow have been around for decades, and banks have had long-established frameworks, the explosion of big data has had a profound impact on the development of analytical software which can detect correlations and derive value faster than the human eye can blink.
To discover just how ready the market is for this technology, FinTech Futures surveyed its readers on their investments, hopes, fears, and dreams for the development of innovative analytical technology. Among the eye-opening results were:
- 83% of firms believe AI to be a core part of their business strategy going forward
- 60% of firms will increase their AI spend in the future
- 53% are already live, or planning to go live this year, with an AI or ML solution
The report also features market input on the following questions:
- Where do you plan to deploy your AI systems?
- Will AI become a market differentiator for your firm?
- What is the biggest challenge facing AI adoption?
- How has your regulator supported the development of AI and ML?
- + Many more!