Long the stuff of futuristic sci-fi movies, artificial intelligence has been conceptually interesting to Wall Street for some time, but not in a way that gets anything more than token budget.
That’s starting to change. Machine learning has reached critical mass in terms of high performance at reasonable cost, some observers say. As a result, financial services firms are increasingly positioning themselves to get out ahead of the conceptual becoming practical.
Bridgewater, the world’s largest hedge-fund manager, is said to have created an artificial-intelligence team earlier this year, headed by IBM Watson veteran David Ferrucci. Wealth management standard-bearer Charles Schwab launched robo-advising service Schwab Intelligent Portfolios. And just this month, Publicis.Sapient announced an investment in artificial-intelligence developer Lucid and the launch of its own AI practice.