State Street Embraces Artificial Intelligence
- Custody bank attempts transformation to combat cost squeeze
- Technology laggards risk ‘a world of hurt,’ CEO Hooley says
Coursera Co-Founder Ng Says AI Is the New Electricity
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State Street Corp., founded in 1792, and artificial intelligence haven’t often been mentioned in the same sentence -- until now.
The bank on Wednesday unveiled Quantextual Idea Lab, which uses machine learning and natural language processing to help clients better organize and extract information from their reams of research. The web platform is the latest piece of State Street’s digital transformation, an effort to make the custody bank into a company that can compete in an era of heightened competition from technology-savvy rivals.