We have reached a new era where automation has become the name of the game, and when it comes to automation, Machine Learning (ML) is a key technology to understand.Machine learning use has spread in several aspects of our lives today. It helps us get from point A to point B, suggests what to do with pressing issues, and is getting better at holding conversations. Is no surprise that in the world of finance we keep hearing about the combination of FinTech and machine learning. Applications of artificial intelligence (AI) in FinTech are predicted to be worth up to $7,305.6 million by 2022.
Machine learning algorithms are a great tool for pattern identification. They are able to detect correlations among copious amounts of sequences and events, extracting valuable information that’s hidden among vast data sets. Such patterns are often missed or simply can’t physically be detected by humans and our limited senses. The ability of ML to learn and predict enables FinTech providers to recognize new business opportunities and work out strategies that actually make sense.
Let’s take a look at some of the practical uses of ML in Finance and FinTech.
- More loan approvals with lower risks
- Keeps hackers and thieves away
- Helps you keep up with compliance
- Enhanced customer experience