Goldman Sachs is Investing Deeply in Artificial Intelligence

“You know, we see that the ability to take data and help turn it into information as an asset as a core part of our strategy,” he said in a podcast interview with the bank’s head of communications posted on the company’s website.

“It’s a very important technological strategy for the firm as well as business strategy and helping us move to a better degree of data-driven businesses as well as really deriving expertise, content, and knowledge of information.”

Goldman Sachs isn’t alone. Large financial-services companies are using technology to mine data on customers and markets. In December, Reuters reported that an annual survey of senior bankers by Temenos found that “IT Modernization” had risen to the top of their priorities, according to Business Insider.

The shift toward technology as a priority shows the extent of the challenge facing banks to modernize infrastructure to analyze internal customer data and try to fend off competition from new financial technology companies, BI reports.