Artificial intelligence (AI)'s potential is difficult to pin down. In a competitive market like investment banking every advantage is needed to come out on top in terms of profitability, lead generation and customer experience. Squirro is offering a great solution with its partners.
Yet according to a June 2018 survey from Greenwich Associates, just 17% of investment professionals are currently using artificial intelligence as part of their processes. 40% of respondents from the same report indicated they would be increasing the budgets for AI deployment in the future. A February study from efinancialcareers found that major US banks were advertising for 93 positions related to AI. Automation isn’t something new to investment banking. Junior bankers working in Excel can create macros to give them a hand in financial modelling, but the process can still be time-consuming and labor-intensive, and while auto-calculating formulae and crunching numbers frees up small amounts of time, it still means many hours staring at a screen.