State Street Launches AI Research Tool
Global Custodian State Street has launched its Quantextual Lab that will aid clients in organizing and extracting information from research, reports Bloomberg.
The web-based platform is the latest component of the bank’s Project Beacon, a five-year plan to cut costs and speed up services.
Quantextual may help some clients better evaluate their research spending in response to Europe’s upcoming MiFID II regulations, noted Stephen Lawrence, head of Quantextual Research at State Street.
“Anyone who does not do things faster and better will find himself in a world of hurt,” Jay Hooley, CEO of State Street told Bloomberg.
Overall, State Street management estimates that Project Beacon eventually will save the firm approximately $550 million when it ends in 2020. Much of the savings is slated to come via automating processes, such as reducing the 50,000 client faxes the bank receives monthly.
“It is my hope that as we digitize State Street we will be more valuable to our customers and we will gain market share,” Hooley said.
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