Artificial intelligence to become commonplace at instos

About 60% of Northern Trust’s Australian-based institutional investment clients believe meaningful adoption of artificial intelligence will occur within the respective businesses over the next two years.

Local instos are more bullish on AI than Singapore and Hong Kong-based clients, the global custodian notes, saying the Asia Pacific counterparts anticipate adoption happening in two to five years.

Half of Australian clients surveyed also noted high-level stakeholder engagement and counter-party co-operation as vital to financial services’ adoption of blockchain.

The findings come from surveys conducted at Northern Trust client events in the first quarter of 2018.

Northern Trust head of market advocacy and innovation research, Asia Pacific, Danielle Henderson said as the financial services industry adopts AI, “we expect to see a continuing transformation of the efficiency of operational services, the provision of increasingly insightful information and enhanced client experiences.”

“Market developments may include machine learning capabilities for faster and deeper data consumption, advanced analytics for better decision making and natural language generation for automated report commentary,” Henderson said.

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Source: Artificial intelligence to become commonplace at instos | Financial Standard