Bloomberg writes that banks are racing to deploy advanced technology in the $7.5 trillion-a-day global currency market to cut costs and stay competitive. The focus has shifted to AI, which could streamline operations and reduce the need for human traders.

ING recently hired James Robinson, a machine learning expert from UBS's electronic FX trading team, to spearhead this effort. After a three-month build and six weeks of testing, Robinson is now developing additional AI solutions.