ANZ was among the first banks to explore using AI and began using IBM’s Watson to help financial advisers understand their clients.
Artificial intelligence is at the fore of the latest wave in fintech innovation. In 2013, ANZ became one of the first banks to use AI commercially, deploying IBM’s Watson to help financial advisers better understand their clients. Hedge funds, asset managers and investment banks are also exploring its potential.
Bridgewater Associates is using AI to predict market trends in an initiative headed up by Watson’s former chief engineer. Goldman Sachs, UBS, Deutsche Bank and others are using third-party AI engines such as Kensho and Sqreem, for financial research, while BlackRock's has developed its own AI engine, Aladdin, to assist investment managers and clients with decision making.