Blockchain and artificial intelligence (AI) are the next-gen technologies that will attract the most investment over the next two years, a new report has found.
The report by New York-based fintech giant Broadridge Financial Solutions delved into
digital transformation in financial services and looked at the trends defining the future. Broadridge polled 500 C-level and senior executives from 18 countries whose companies had an average of $122 billion in assets under management.
The study found that financial companies intend to increase their investment in AI by 21%, just slightly above the 20% increase for blockchain and distributed ledger technology.
While AI has grabbed the headlines in the past two years, the study revealed that
blockchain hasn’t lost its appeal in the financial industry and remains central to most companies’ plans.
The report observed that blockchain has evolved from a conceptual technology to a specific, measurable one. Financial firms use blockchain in trading and transaction processing to save time and money. 36% of respondents said blockchain would eliminate the need for third-party custodians and clearing houses.
“Blockchain and DLT have moved into a more mature stage of development. Rather than seeing projects in isolation, leaders have increasing amounts of data and experience to make informed decisions about where these technologies will provide tangible, meaningful benefits,” commented Broadridge’s head of digital innovation, Horacio Barakat.
The study says that investment in AI and blockchain reflects a growing shift by financial firms to prioritize customer satisfaction. The two technologies allow firms to personalize the experiences of customers, which has become one of the critical areas of competition.
“The focus of digital transformation has moved from operational efficiency and cost savings to more intentional, technology-driven customer experiences that truly differentiate the firm,” Broadridge Chief Digital Officer Rob Krugman commented.
Robotic process automation, biometrics, and digital identity are the other emerging technologies that could see significant investment. The respondents expect a 3% increase in investment in digital assets and 1% in the metaverse and virtual reality, with the latter losing its appeal after a spike three years ago.
Data management, cybersecurity, and cloud platforms are the mainstream technologies that will receive the highest investment over the next two years.
In order for artificial intelligence (AI) to work right within the law and thrive in the face of growing challenges, it needs to integrate an enterprise blockchain system that ensures data input quality and ownership—allowing it to keep data safe while also guaranteeing the immutability of data. Check out CoinGeek’s coverage on this emerging tech to learn more why Enterprise blockchain will be the backbone of AI.
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