17 The next big gains in AI are more inward-facing. These include areas such as trade surveillance, where the evolving sophistication of refined malicious behaviors makes identifying breaches increasingly challenging, especially without advanced tools that can isolate the urgent from the irrelevant. Moving from a rules-based review of electronic communications and compliance data to natural language processing refines data results and allows firms to more seamlessly integrate e-communications flags within the overall surveillance infrastructure. Similarly, cybersecurity could also benefit from more comprehensive and proactive activity monitoring by way of ML and AI-based tools. Distilling insights from client communications more accurately is also on the radar for Innovators. A Tier-1 asset manager notes that her firm has already invested in data analytics tools to query client data, including unstructured information such as chat logs and terms and conditions documents. The firm has invested in data scientists and engineers with a view of building reporting and trend analysis tools using ML technology. 03 Using data openly with strong controls and security. A chief information security officer at a Tier-1 global bank explains that regulations, such as GDPR, signal that the future of capital markets is in data access being granted by the end client—whether a retail investor or a large pension fund. Storing data in a manner where access can be granted or revoked easily across service providers—from large custodians through small service providers—will be essential to retaining business in the future. Firms simply must make data available to all areas of the business, where it is expressly permitted. Regulatory risks are minimized when data is securely stored, and business value can be unlocked from combining data across the silos that currently exist in nearly every large capital markets firm. Cloud-based services, such as advanced tools for data loss prevention, obfuscation, tokenization, encryption, and logging enables firms to secure, track, and monitor data stored in the cloud. This enables firms to meet the security, privacy and data lineage requirements of various data-related regulations and their users.