Artificial intelligence is widely talked about in financial services. But, arguably, the industry still lags behind other sectors – particularly technology giants such as Amazon, Google, Netflix, Apple and Facebook – in putting artificial intelligence (AI) applications to work. Funds Europe, in association with Caceis, surveyed the industry to assess what the future holds for asset management firms intending to apply AI.
• 80% of respondents said that artificial intelligence and data engineering are tools that all investment managers will use in the future.
• 66% said that AI will deliver benefits across the front, middle and back office.
• The major impediments to applying AI are a lack of maturity in the technology and a lack of existing use cases that demonstrate how it can be applied.
• 24% said key decision-makers still fail to understand how AI will bring value to customers.
• 40% of respondent firms have already started their AI research and development projects, while 11% said that they will be launching their AI projects in the next 12 months.
A total of 270 funds professionals participated in the online survey.
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