Thanks to the massive increase in available data, we are seeing major advances in cognitive computing in areas such as machine learning, natural language processing, and predictive data analytics. A number of firms in financial services are taking advantage of this to cut costs and to find new, profitable strategies. While prop trading firms and hedge funds remain the biggest adopters, there are a few robo-advisors utilizing AI methods. But it's getting harder to identify the fakers from the makers in such an overcrowded market. As competition heats up, firms are cavalierly tossing out buzzwords: risk management, artificial intelligence, tax loss harvesting, re-balancing.