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How AI is revolutionizing data management
State Street leverages technology to support portfolio construction and detect market opportunities in efficient and cost-effective manner
Bayani S Cruz 16 May 2024

When it comes to data management, the common complaint among asset owners and asset managers used to be that there was not enough data to meet their increasingly complex and sophisticated requirements.

But now the explosion of data in the industry has resulted in a situation where data management has become increasingly challenging, if not messy. And when it comes to deriving insights and analysis from the data, many in the industry do not have the tools to deal with this in an efficient and cost-effective manner, says Aman Thind, global chief architect of State Street, who is responsible for defining the technology strategy across all divisions of the firm.

“That's because usually what people do is they partner with different technology companies, for example, for the front office, a different company for the middle office, a different company for the back office, a different company for data management. And everyone tries to start from scratch with regard to gathering all the data sets,” Thind explains.

To address this issue, State Street has been investing in artificial intelligence (AI), machine learning, and natural language processing technologies as well as accelerating the adoption of these technologies to support asset owners and asset managers in their holistic investment requirements.

Thind is currently on an Asian roadshow to educate State Street clients on its generative AI platform known as “Alpha”, a front-to-back solution that leverages AI to support portfolio construction, improve data management, and detect market opportunities in real-time.

By using generative AI, the platform collects, collates, and analyzes data and information both from internal and external sources in order to enhance State Street’s data management service for asset owners and asset managers.

State Street offers various services that have become technology-intensive in recent years including custody, fund administration, securities lending, FX trading, and data management. Underlying all these services is the need for a platform that can provide data connectivity across all these functions, which is where the Alpha platform comes in.

In an interview with The Asset, Thind explains that the use of generative AI can enhance operational efficiency as well as result in cost savings for asset owners and asset managers in terms of data management for their investment strategies and requirements.

“Data is at the heart of Alpha, our front-to-back platform, and we are committed to providing the leading data platform within the investment management industry. Institutional investors and wealth managers today are challenged by the depth and breadth of data available to them. They need new, innovative tools to manage and interpret this data at scale,” Thind says.

The platform incorporates data catalogue and visualization capabilities which can generate higher quality, while reducing cost and accelerating decision making, he adds.

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