Machine learning and artificial intelligence are big topics in many fields of business these days, including the financial services sector. FIs are looking to more powerful analytical approaches as they need to manage and mine increasing amounts of regulatory reporting data and unstructured data, either for compliance purposes or in order to compete effectively with other FIs and FinTech’s.
There seems to be no aspect of the FI business model that is not impacted in some way by machine learning and artificial intelligence: it could improve insights into client preferences, risk management, the detection of fraud, and conduct breaches, and automate client support or allow for automated identity verification when coupled with biometrics.
Conclusively,all three article has given an introduction to the machine learning field and has discussed several cases of application within financial institutions, based on discussions with IIF members and technology vendors: credit risk modeling, detection of credit card fraud and money laundering, and surveillance of conduct breaches at FIs. Two tentative conclusions emerge on the use of machine learning in the financial sector – tentative, because the field is developing fast and many FIs are still experimenting with machine learning in some spaces.
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