Northern Trust is rolling out new capabilities using RPA and cognitive AI within a framework called its ‘Fund Accounting Optimisation Lab’.
The emerging and frontier markets banking specialist is seeing how it can utilise new technologies with its largest clients.
The planned cuts are aimed to increase its competitiveness in an increasingly constrained operating environment.
Buy-side and sell-side are challenged with implementing real technological solutions as constant innovations continue to flood the market.
The bank has already automated 40 processes through RPA for its securities services business, and is looking to deploy AI in a number of client-facing areas.
Having been dramatically oversold, custodians are becoming more rational in what robotic technologies can and cannot be used for.