Artificial intelligence will be the chief beneficiary of the financial services industry's pivot to new technologies in its bid to improve performance and cut costs in the coming years.

Octavio Marenzi, chief executive of the consultancy Opimas, which this week published a report entitled Fintech Spending and Innovation in Capital Markets,  said AI would be "be the big winner" as banks, brokers, fund managers and other firms poured money into new technologies and data sources.