Wall Street is throwing billions at tech projects from quantum computing to augmented reality. Here are 10 of the most ambitious projects from firms like JPMorgan to Vanguard.
Hi. I'm Aaron Weinman. The speed at which technology is changing every Wall Streeter's job is dizzying.
Stockpiles of data have enabled firms from banks to hedge funds to share, process, and store information. But knowing when to use that information and package it in a way that is best for employees and clients is the big challenge.
To meet the challenge, some of the best-known firms like Goldman Sachs and Morgan Stanley are piling billions of dollars into high-priority tech projects.
It is truly an exciting time for tech on Wall Street with the adoption of the cloud and quantum computing. The growth of third-party software services like M&A tracker Datasite has eased the overall deal-making process, and new initiatives like Versana — a tech platform to support the syndicated loan market — are moving once-archaic industries reliant on endless spreadsheets to the next level.
Let's take a look.
1. Harnessing data is one of the top tech projects at banks, hedge funds, and asset managers. Other areas of focus include quantum computing, augmented reality, and system connectivity.
Another hot topic is the cloud. Wall Street firms have centered their efforts on cloud technology, marrying offerings from tech giants like Amazon's AWS, with their own internal analytics and research tools.
Emerging tech — like the aforementioned quantum computing or virtual reality — are getting more attention as financial services firms look to get ahead of their peers with the early adoption of new tech.
JPMorgan, for example, is betting on quantum-computing tech to process algorithms and make calculations at blistering speeds. Quantum computing uses mechanics known as qubits. Classic computing bits can store only a one or a zero, but qubits can store multiple values at the same time.
To help understand this tech gobbledegook, Insider's Bianca Chan and Carter Johnson talked to 10 top Wall Street firms about their most ambitious tech projects.
Read the full story here.
And ICYMI - Insider compiled nearly 50 pitch decks that helped fintechs disrupt the trading, investing, and banking landscape.
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