«There is a diversity of FinTech trends that may affect the asset management industry at different levels, and Artificial Intelligence is one of them. These trends are becoming more prevalent in the market, although many are at early stage of adoption. AI, as a true change agent, is coming, and in many ways, its early rumblings are already being felt.
Many institutions are investing in technology to create superior solutions of their clients and operate more efficiently. AI is revolutionizing credit lending by using machine learning to analyze many more sources of data for potential borrowers than just credit scores. AI surveillance tools are being used to reduce fraud and thwart financial crime. AI will get embedded into an increasing number of software applications and systems to help make more intelligent decisions. These new AI-aware applications are able to leverage existing business processes and incorporate Big Data to drive valuable new insights. AI is helping to drive higher levels of automation, better recommendations, faster decision-making, and significant cost savings.
AI is going to be part of nearly every application and create an even bigger market opportunity than past IT transformation eras.»