To adapt to the shifting expectations of custody banks, the Boston-based bank announced the creation of the Quantextual Idea Lab which will use machine learning to translate large amounts of data into insights that are beneficial to clients. This move is part of State Street’s Project Beacon, a five-year plan which aims to update the bank’s technological capacity to improve clients’ experiences by helping them interact with the market in real time. The project is also expected to save State Street $550 million by 2020.
“Anyone who doesn’t do things faster and better will find himself in a world of hurt,” said Jay Hooley, State Street’s chief executive officer. “It is my hope that as we digitize State Street we will be more valuable to our customers and we will gain market share.”
The New England Council commends State Street’s dedication to innovation and adaptation. Read more in The Boston Globe and Bloomberg.
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