Refinitiv's 2020 AI/ML Survey
How are NorAm emerging tech trends helping shape innovation in LatAm?
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In financial services, firms have a positive outlook towards the continued adoption and advancement of ML and expect it will transition to Deep Learning. While adoption in LatAm remains behind NorAm, the gap is closing, creating an opportunity for AI and the positive impact it could have on the economy of a developing country.
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The rise of the data scientist
Machine learning continues to be a core component of financial organizations' business strategy, with expected significant investment in this area. However, majority of firms stated the need to implement a data strategy combined with strong talent were critical to its future success. While ML is currently a horizontal capability, business units will increasingly rely on it to drive competitive advantage and manage risk.
Firms in North America are ahead of other regions like EMEA and APAC in terms of ML adoption, but unforeseen challenges and complications, due to COVID-19, caused major disruptions to models and forecasts. Meanwhile firms in Latin America were able to embrace the disruption, utilizing their agility to transition to digital ML models -- some within two months. Something that would take more established firms years to accomplish.
Poor data quality and data availability continue to be the biggest barriers to successful adoption and deployment of ML. Extracting value and better quality will be most important amongst multiple drivers of ML in the next 12 months.
Data science teams are now the key final decision makers for trial and procurement purchase. However 56% of data scientists work in different areas of their companies supporting business functions rather than in a central team. The growth in numbers of roles is anticipated to increase, but not at the same extent as recent years.
Key survey findings in AMERS:
- 86% state they have deployed ML to manage or analyze content to one or more departments in their organization
- 66% use ML techniques for risk avoidance -- particularly in the Americas around market and operational risk
- 40% of respondents anticipate increased investment in ML as a result of COVID-19
- 96% use a cloud provider to run models with Azure and Amazon being the most popular, but closely followed by IBM and Google
- Nearly all companies are using alternative data sources -- ESG is an increasingly important category used by half
- Greater usage of unstructured data versus 2018
- The most popular market data sets are equities, news and company financials
How can firms in Latin America use data strategies and ML techniques from North America as a guide to not only close the adoption gap but also utilize agile innovation models to their advantage?
Meet Our Speakers
Natalie Sammarco
Global Head of Sales Readiness, Innovation
Refinitiv
Silvina Bruggia
Prop Director, Emerging & Frontier Markets
Refinitiv
Juan Cruz Garzón
COO & CO-Founder
Fligoo
Natalie Sammarco is the Global Head of Sales Readiness for Refinitiv Labs, the innovation arm of Refinitiv. Natalie facilitates partnership and new business opportunities for customers as well as brings to life the Refinitiv Labs mission in the market. She has helped popularize the message of emerging and innovative technologies as a functional part of Financial Services and related industries by working extensively in the global markets, having lived for nearly a decade in Asia.
Natalie has earned an MBA from the NYU Stern School of Business, focusing on Finance, Management, and Digital Marketing. She is also an MA degree holder in International Relations from the Johns Hopkins University-Nanjing University School of Advanced International Studies (SAIS) and a BA graduate in East Asian Politics from Middlebury College. She is fluent in Mandarin Chinese.
Silvina is now the Proposition Director for Emerging and Frontier markets, responsible for addressing future customer needs on Investing and Advisory space through Refinitiv´s product and content strategy. She has held senior positions across product, content, sales, marketing and business management at Refinitiv and the Financial & Risk business division of Thomson Reuters in Latin America since she joined the firm in 2006.
Silvina is a promoter of sustainable finance, financial inclusion and gender equality and has today an active participation in the development of the capital markets in emerging markets, generating initiatives to integrate them to the international trade flows and promoting innovation, new technologies and global best practices.
Fligoo is a global technology company established in San Francisco in 2013. With more than 7 years of experience in Advanced Analytics and Decision Science, Fligoo develops intelligent solutions based on a proprietary algorithm framework used by global leaders in the Financial Services, FMCG, and Retail industries. With offices around the globe in San Francisco, New York, Sao Paulo and Cordoba, Fligoo is currently one of the fastest growing Artificial Intelligence companies in the world.
Our long term vision is to become the most recognized technology company through our work with clients looking to improve people’s lives by tackling complex problems leveraging the most valuable asset of our time: data.
New AI and Machine Learning Research | The Rise of the Data Scientist
Machine Learning models for the future
As machine learning in financial services matures and data scientists adopt a more strategic role, new research from Refinitiv reveals how firms are doubling down on their investments to gain an edge.
Refinitiv, is one of the world’s largest providers of financial markets data and infrastructure. Serving more than 40,000 institutions in approximately 190 countries, we provide information, insights, and technology that drive innovation and performance in global markets. Our 160-year Reuters heritage of integrity enables customers to make critical decisions with confidence, while our unique open platform, best-in-class data, and cutting-edge technology bring greater opportunity to our customers. By advancing our customers, we drive progress for the entire financial community.
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