According to survey results from Northern Trust, nearly 60 per cent of institutional investors and asset managers located in Australia expect “meaningful adoption” of AI in under two years.
Meanwhile, Singaporean and Hong Kong institutional investors see AI adoption happening in two to five years.
For the financial services sector, Northern Trust head of market advocacy and innovation research for Asia Pacific Danielle Henderson said this would mean “a continuing transformation of the efficiency of operational services, the provision of increasingly insightful information and enhanced client experiences”.
“Market developments may include machine learning capabilities for faster and deeper data consumption, advanced analytics for better decision making and natural language generation for automated report commentary,” she said.
Northern Trust head of global fund services for Asia Caroline Higgins added: “In Asia-Pacific we have seen regulatory changes either built within existing policy frameworks, or shifted, as the market landscape transforms.
“Amidst the fast-evolving financial market ecosystem and the growing importance of technological innovation, collaboration amongst financial institutions, technology enablers, regulators and governments is vital to supporting the efficiency, security and transparency emerging technology can bring.”