Most asset managers recognize the benefits of implementing AI, but are trying to scale it to the enterprise and maximize its benefits. To explore these dynamics, Accenture surveyed 100 strategy, digital and technology executives on the state of AI in the asset management industry. Our report shows where value is being achieved, what common challenges are facing, and how the next generation of AI can transform the industry. Aligning the right investments, ideas, and opportunities can take AI adoption and benefits from experimental to exponential. Moving from experimental to exponential With many financial services and capital markets firms targeting higher and more consistent advisory returns, competitive pressure to retain and attract clients in the wealth management industry has never been greater. Wealthy customers want a digital experience and at the same time demand more for less. It is becoming increasingly difficult for asset managers to stand out in a crowded space, and the investments needed to compete are hurting profitability.
Accenture recently surveyed 100 strategic, digital and technology executives from a range of North American asset management firms to separate the "signal from the noise" when it comes to artificial intelligence (AI) and asset management. Our results show that most money managers see a real opportunity to move the financial needle by implementing artificial intelligence within the next two to three years. Today, however, more than 80% of firms are stuck in the proof-of-concept stage, with efforts narrowly scattered across departments or teams. 1 This lack of scalability is a major barrier to realizing the full benefits of AI and strengthening its competitive position. Most asset managers see a real financial opportunity to move the financial needle by implementing artificial intelligence within the next two to three years.