Putting Artificial Intelligence to Profitable Use

Having lavished millions of dollars on data scientists to search for patterns in a deluge of digital information, banks and financial institutions need to start doing something to make that newfound intel pay. Big Data - the bits and bytes of everyday life harvested from our increasingly digital world - has been hailed as the foundation of a new financial architecture. Predictive analytics, machine learning and artificial intelligence (AI) are the mechanisms most commonly touted to realise that vision. But aside from sales traders using predictive analytics to help clients with their decision processes, some well-publicised robo-advisory services, and a handful of AI-managed funds, institutions have yet to deploy on any scale the means of capitalising on their newly bulging databases. Having new data-driven insights is great, but operationalising and monetising them is the tricky part.