Over half of firms believe AI robotics will shape financial services

Nearly 55% of banking and wealth management professionals believe artificial intelligence (AI), robotics and automation will shape the future of the global financial services industry. According to research by Avaloq, nearly 34% cited the increasing use of more open and collaborative platforms and 26% cited the rise of distributed ledger technologies and cryptocurrencies. The research also found that three of the top current areas digital infrastructures are delivering significant improvements in performance include: ensuring compliance under changing regulations, improved customer experiences and better cyber security. Superior customer experience was singled out as the most competitive advantage for institutions to have in five years' time. Nearly 41% of respondents cited this as their preferred competitive advantage and 19% for'operational efficiency'.