London, April 5th, 2023 - Our CEO & Founder, Tommaso Migliore, was recently invited for a keynote speech at the Embassy in London, to bring his expertise on the impact of Artificial Intelligence on our daily lives, including its influence on the modern work environment.
Following the opening remarks by Ambassador Inigo Lambertini, and the President of the London Club, Rocco Forte, the conversation was kick-started by Beatrice Covazzi, Member of the European Parliament.
Tommaso shared the stage with Donatello Aspromonte, Professor of Startup Strategy at Marconi University and Founder of Morgan Allen Associates, and Fabio Maffioli, Head Of Accelerators at Outlier Ventures and former Start-Up Program Manager Accelerators EMEA at META; his talk centered around the latest technological advancements, particularly AI, and emphasized how its adoption is rapidly gaining momentum in the investment industry, with no signs of slowing down.
The adoption of new technologies, particularly artificial intelligence (AI), is becoming increasingly important for asset and wealth managers who want to maintain a competitive edge and stay ahead of the curve. In fact, according to research by Deloitte, CFA Institute, Accenture, McKinsey, and Forrester, the adoption of AI technology for supporting the investment process is creating a significant gap between those who adopt AI and those who don't. While the first group increases revenues and AuM, the latter risks losing competitive advantage and market share.
It all comes down to understanding the value add brought by integrating Artificial Intelligence in the investment process in terms of fewer errors and more efficient use of resources. Companies that harness AI boast increased revenues, a higher level of assets under management, and experience fewer errors and more efficient use of resources. More specifically, AI integration in investment processes can grow AuM by 8% and raise productivity by 14%.
Many investment managers are turning to innovation in order to remain competitive, creating a new range of investment solutions. The same research suggests that AI is expected to attract the largest investment in the next two years, up by over 50% compared to two years ago, with evidence showing that the financial institutions leading digital transformation recorded productivity gains and higher quality human capital. On the one hand, this is a significant step that points out the maturity and adoption of this technology and, on the other, confirms its normalisation alongside wealth and asset managers.
At MDOTM, we firmly believe in the value AI is bringing to the world of investments, that is why we build a technology called Sphere, which is leveraging AI to provide investors with unparalleled insights and unbiased investment solutions. Tommaso, during his speech, emphasized how Sphere is delivering great value to investors - it is trusted by hundreds of investment professionals around the world - and how it is exciting to see everyone grasping the magnitude of its potential.
Technological innovation has brought various benefits along the entire value chain, which today translate into greater efficiency and attractiveness of investment solutions regarding costs, operational efficiency, and the ability to meet the growing demand for custom solutions. For sure, Artificial Intelligence is an opportunity for Asset and Wealth managers to renew products and processes and, in the meantime, acquire new market shares. It shouldn't come as a surprise to see more and more managers seeking to integrate Artificial Intelligence into the investment process.
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