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Press release content from BusinessWire. The AP news staff was not involved in its creation.

Northern Trust: Optimize Investor Data with AI Strategy

November 19, 2018 GMT

CHICAGO--(BUSINESS WIRE)--Nov 19, 2018--Incorporating artificial intelligence (AI) into back and middle office operations can focus data optimization strategies with the potential to increase productivity, drive revenue, improve security and manage risk for asset managers and asset owners, according to new white paper sponsored by Northern Trust. The paper, , is one in a series of thought leadership pieces from Northern Trust in conjunction with The Economist Intelligence Unit.

The white paper outlines the many innovative ways AI is in use today, ranging from the ability to predict price movements to roboadvisor systems that use AI to support investors in determining their asset allocation. Companies are also using AI to both analyze structured data, (e.g., asset flows, performance) and extract information from unstructured/alternative data (e.g., images, documents, social media posts) through image recognition and natural language understanding capabilities, in order to enhance business results.

“Certainly we see the significant ways AI can help financial services providers optimize the data they access on a daily basis,” said Penelope Biggs, Chief Strategy Officer for Corporate & Institutional Services at Northern Trust. “It is important to think strategically about how incorporating AI and automation into business processes can benefit the end user, whether that is by reducing risk, increasing operational efficiency or enhancing overall performance.”

According to the white paper, while AI’s uses are far reaching, it is important that an organization establishes a clear data strategy to determine where and how AI will have the most beneficial impact. The key is to focus first on the needs of the business and adopt a strategy that is in line with the company’s goals.

“At Northern Trust, we have a strategic plan that focuses on delivering a data-centric technology architecture aligned to our clients’ future business needs,” said Biggs. “The significant investment we are making in our future-state asset servicing platform will ultimately deliver an end-to-end technology solution to our asset owner and asset manager clients globally. Incorporating the use of AI and machine learning is a key component of our strategy to optimize results and drive operational alpha.”

Northern Trust’s white paper series provides clients with insightful and constructive solutions to pressing data management challenges. Other papers in the series focus on regtech, big data and data science. To read the paper that highlights AI and its uses, click here.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 23 international locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2018, Northern Trust had assets under custody/administration of US$10.8 trillion, and assets under management of US$1.1 trillion. For more than 125 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit northerntrust.com or follow us on Twitter @NorthernTrust.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/disclosures.

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SOURCE: Northern Trust Corporation

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PUB: 11/19/2018 09:30 AM/DISC: 11/19/2018 09:30 AM