AI's Next Phase – Thriving Through Implementation - WatersTechnology.com

Many in financial services are trialing artificial intelligence (AI) applications, with projects increasingly sophisticated in methodology and ambition. WatersTechnology, in partnership with SmartStream, recently convened a Chatham House-style discussion with industry technologists to discuss their hopes for AI as well as the practical and ethical challenges to greater adoption. While the world of AI grows ever wider, one constant has shown through as firms inch closer to implementation--gambits with a strong data orientation will thrive, and those without will not. Banks and asset managers experimenting with AI have come through the early stages with enthusiasm, but, as with the peloton in the Tour de France, they are beginning to feel some strain in their legs. For many, arduous new terrain still awaits before reaching the finish line. As one contributor to the WatersTechnology/SmartStream discussion described it: "The struggle at the moment remains being able to articulate a business case for AI; hence the reason people are doing more proof of concepts to trial it--to help define the business case, to then move forward with its applicability within the industry."