A Financial Industry Regulatory Authority (FINRA) white paper released Wednesday found that large broker-dealer firms have successfully implemented artificial intelligence (AI) tools in areas including communications with customers, investment processes, and operational functions.
The report, which included input from broker-dealer firms, academics, technology vendors, and service providers, concluded that, when regulated properly, firms can use AI tools to increase efficiency, increase productivity, improve risk management, enhance customer relationships, and increase revenue opportunities. The report was the result of a two-year study of AI use among broker-dealers.
