According to the 2018 Growth Readiness Study, asset managers who are embracing big data and analytics are found to be growing their revenue 1.5 times more quickly than the rest of financial services (1)
Thanks to AI, banks are expected to save more than $1 trillion by 2030.
Ai usage in financial services
Nowadays, many professionals such as fund managers or analysts are overwhelmed by the amount of information available, data overload, and fake news.Going through a vast amount of suitable data sources, e.g., research results, annual reports, scientific publications, or videos from popular streaming platforms - AI helps to organize & analyze the data and draw correlations. For that purpose, AI often uses natural language processing (NLP), natural language understanding (NLU), and sentiment analysis.
Pillars of AI transformation include generating alpha, enhancing operational efficiency, improving product and content distribution, and managing risk. (2)