AI, Data Management are the Financial Industry’s Game Changers

Artificial Intelligence (AI) and finding order in unstructured data may just be the key to the future success of any financial services company. There’s a need for content analytics to help structure enormous amount of data, most of which goes unused yet is valuable to the customer, while AI can advance a company’s products and services.

Dealogic, which offers integrated content, analytics, and technology with targeted products and services to financial firms globally, recently acquired content analytics company Selerity. Under the acquisition, the company will utilize Selerity’s deep expertise in AI, which will accelerate Dealogic’s next-gen products. Headquartered in Chicago and New York, Selerity provides unstructured data solutions for the world’s largest banks, retail brokers, and asset managers.

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“Dealogic’s global customer footprint, combined with their content and data assets, will serve as a powerful platform to grow Selerity’s business,” says Ryan Terpstra, CEO and founder, Selerity, in a recent statement. “Leveraging Dealogic’s capabilities, Selerity has a tremendous opportunity to accelerate growth in its core markets, but also penetrate new industry verticals.”

Still, not all finance companies are tapping into AI and other new technologies. In a recent poll by Flexwave, 31% of companies said the are not using AI, while 27% are exploring opportunities with technology. Additionally, 42% said that AI posed some challenges with integrating into other systems.

When it comes to AI, specifically, part of the challenge is integration of the tech into other systems which are legacy systems. Cost and difficulty measuring a return was the main issue for 20% of those polled, while 16% lacked internal expertise of AI, 13% had a lack of management buy-in, and 9% say the technology is too difficult to understand.

At a recent Dreamforce conference, Marc Benioff, CEO, Salesforce, pressed the issue that more structured data and newer technology (i.e. AI) can only lead to better customer engagement and revenues. “If organizations add structure to the unstructured behavioural data they own, and make order out of chaos,” he said, “they will be in the enviable position of being able to understand and influence their customers from the beginning to the end of the purchase journey to benefit the bottom line.”