How AI is Revolutionising Financial Data Management with Cognaize, NEO4J and Redis

Artificial Intelligence is set to revolutionise the financial data management. As we are at the relatively early stages of this revolution, CDOs are tasked with overcoming various hurdles when implementing and deploying AI solutions at scale. It is undoubtedly an exciting time in the industry, and we have surveyed 100 of the most senior data executives from Buy-Side and Sell-Side organisations across Europe, to find out about how Artificial Intelligence is being implemented, and the challenges they face when doing so.

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In partnership with Cognaize, NEO4J, and Redis (alongside commentary from Royal London Asset Management), we have presented our findings in the FIMA Europe Artificial Intelligence Report.

We also have a first-of-its-kind key contribution from Bard, Google's AI chatbot. In the report, Bard not only provides commentary on survey results, but also writes its own chapter entitled 'The Rise of the AI Assistant: How I Can Empower Financial Data Professionals' which is fully written, edited and designed by Bard. Bard's headshot has also been created from a prompt written by Bard and provided to an image-generating Gen AI platform!

If you would like to network with industry leaders on the impacts of AI in the industry, the topic of AI will be covered extensively at the FIMA Europe event. To download the event agenda, click here.

Part one: Navigating the crossroads of AI adoption

Financial data firms are rapidly adopting AI, focusing on chatbots and security. Though traditionally cautious, the majority of firms are prioritising AI solutions for customer service and cybersecurity. However, challenges around integrating AI with existing systems and data privacy concerns hinders smooth implementation. Despite these hurdles, a positive outlook prevails - 91% of firms report strong AI capabilities, paving the way for a data-driven future.

Part two: Building Gen AI apps for the enterprise

Generative AI is booming! Tools like Chat GPT and image generators like Midjourney are pushing the boundaries. However, privacy concerns are a major hurdle. Public AI platforms often use user data freely, raising risks of sensitive information leaking. Firms are investing in interpretability tools and specialised training to mitigate these risks. Additionally, knowledge graphs (structured information frameworks) are gaining traction to further enhance Gen AI's potential. By addressing data concerns and embracing new tools, firms can unlock the power of Gen AI and revolutionise their operations.

Part three: Measuring the impact and value of AI

AI success hinges on proving its worth. Financial firms are turning to dedicated teams to analyse and measure AI performance. These teams are especially vital during the initial stages, where the impact might not be immediately clear. Our research confirms this, with half exploring AI chatbots and over 60% building the foundation for AI with cloud and ML platforms. Expert guidance will be key for a smooth AI journey.

A look toward the future

The financial data industry is rapidly adopting AI, with a focus on customer service chatbots and security solutions. While traditionally cautious, most firms are prioritizing AI for these areas. However, challenges remain, including integrating AI with existing systems and data privacy concerns. Despite these hurdles, the future looks bright - a vast majority of firms report strong AI capabilities, paving the way for a data-driven future in finance.

To download a free copy of the report, click here.

To find out more about the topics that will be covered at the FIMA Europe event, click here.