Technology executives warn not to believe all the hype about artificial intelligence and machine learning — especially about robots taking over.
Artificial intelligence [AI] and machine learning might sound like the stuff of sci-fi movies. But hedge funds, major banks, and private equity firms are already deploying next-generation technologies to gain an edge.
Citigroup (C) uses machine learning to make portfolio recommendations to clients. High-frequency trading firms rely on machine learning tools to rapidly read and react to financial markets. And quant shops like PanAgora Asset Management have developed complex algorithms to test sophisticated investment ideas.
It’s a human plus machine world. It’s not a machine-only model. Nor do I see it becoming a machine-only model for a long, long time.” – Philip Watson, Chief Innovation Officer at Citi Private Bank
Artificial Intelligence and Machine Learning Technology
Much of the technology that elite investors use isn’t really new. Financial firms are just better able to harness the power of AI and machine learning because today’s computers can process information much faster. And there now exists vastly more data than there did years ago.
Source: Matt Egan, CNN Business – CNN