IFI CLAIMS Patent Services has a global patent database with more than 110 million records from about 100 countries that the company has painstakingly assembled over the years. "We take information from different data sources and we standardize it and put it in a usable format that companies can either access directly or they can build a user interface on top of it," Director of Marketing Catherine Suski said. Could the company have acquired this comprehensive dataset instead? There is nothing like it in the world, she said. Furthermore the company is continually adding to it and monitoring it for quality.

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.

Welcome back to Mind Over Money. Fintech innovations are changing investing tools and behavior in powerful ways that you must begin to explore if you are an investor of any age. In fact, even if you think you are too young or too old to invest, you should listen to this, especially if you know anyone employed in the financial industry. Because that job market is about to go through some drastic changes at the hands of AI. And today I have an expert on both investing and AI who is going to help us understand the changes that are coming.