Thanks to the team at Refinitiv for their inaugural survey which notes that machine learning will be the single greatest enabler of competitive advantage in the financial services sector.
We are, of course, at that stage of the market where we look downhill into the trough of disillusionment with AI and ML. You can't have that much hype without a hangover, but don't worry, it always happens! It'll take perhaps 2 - 5 years until we see mature ML deliver at scale across entire industries. But unless you're taking it seriously now, you won't be in a position to catch-up later.
A key point that the survey makes is that extracting knowledge and information from unstructured data remains one of the greatest challenges. It's this challenge that Rich Folsom and Paul Hinton are addressing with 4 Corners, Kemp Little Technology's software that turns contracts and documents into structured knowledge.
Unstructured data, as well as data from alternative sources, are increasingly important areas but need considerably more work before their insights are truly reliable. The adage ‘garbage in, garbage out’ has never been more pertinent. If data is the new oil, then much of it still needs a lot of refining and that’s a heavy lift for the consumers of data.