A large number (84 percent) of US financial services corporations revealed they are either currently in or past the “enlightenment age” of artificial intelligence (AI), according to Broadridge’s AI Outlook Survey for 2019.
From this, 29 percent said that they were currently in the “industrial revolution” stage of pilot AI programmes, while 20 percent cited that they were in the “information age”, with full implementation of AI projects.
The survey, conducted among operations, technology and regulatory industry professionals, categorised that the application of AI was divided into data mining, post-trade processing, market analytics and trading systems.
Broadridge identified the leading forces for AI investment as increased efficiency and productivity, enhanced data and security, and the ability to redeploy human capital.
However, 46 percent also named legacy technology as the biggest challenge to AI implementation, along with cost of investment and perceived return of investment.
Michael Tae, head of strategy at Broadridge, said: “While most organisations recognise that AI is a transformational technology with huge potential impact, their approach to adoption has been cautious.”
“The survey data demonstrates how harness the power of AI and successfully increase its adoption by first establishing a clear strategy and framework.”
He added: “At Broadridge, we are focused on what we call “the ABCDs of innovation”: AI, blockchain, the Cloud, digital, and beyond. This is how we define our continued commitment to driving the innovation roadmap; helping our clients understand and apply next-generation technologies to transform business, optimise efficiency and generate growth.”
