Fidelity Ventures Into Blockchain, VR and AI
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Rich Repetto, principal at Sandler O’Neill & Partners recently said that one of the oldest financial services firm in the US, Fidelity, is a “sleeping giant” and is actually a tech company unbeknownst to many.
The 72-year old firm spends around $2.5 billion a year developing technology such as artificial intelligence, blockchain, and virtual reality through its Fidelity Labs and Fidelity Center for Applied Technology.
Mayar, the head of AI at the Boston-based financial giant, also revealed that they were able to amass an enormous amount of data within 72 years, an advantage they have over companies such as Microsoft and Amazon which they use to attract new new talent.
Source: CNBC