Artificial intelligence, especially the machine learning aspect of it, is certainly a hot topic these days. Yet executives at a couple of giant asset managers warn that it may not be a panacea in this business just yet.
"I had a number of false starts where we had use cases that turned out not to require machine learning at all," Massimo Young
, head of data solutions in BNY Mellon's
investment management arm, said yesterday at the In|Vest
conference, American Banker reports
"In many instances the thing that is posed as an AI use case could be solved simply," Andrew Brzezinski
, vice president of Fidelity Institutional
, reportedly said on the same panel. "The question comes back, why? This is super expensive, why are we doing this?"
In other words, just because machine learning is shiny and exciting and new doesn't mean that it should be used willy-nilly, especially in these early days given the high costs involved. If you're thinking about applying it in your business, make sure something simpler wouldn't get the job done. And be prepared to justify your decision.
"Leading with business value is great," Brzezinski reportedly said.
Neil Anderson, Managing Editor
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