Developments in Machine Learning: How it Affects Business, Especially the Financial Sector
Huge data is on its way! Machine learning (ML) has evolved into a powerful technology capable of destroying various industries, especially finance. ML algorithms can analyse massive amounts of data, recognise patterns, and make predictions with unpredictable accuracy. The advancements in ML have accelerated considerably, and as a result, businesses in the financial sector might benefit greatly from it. Technologists such as Brad Kern believe that machine learning is an innovation that can really help when it comes to risk management. Risk management is one thing that leaves many institutions scratching their heads. It’s hard to assess and manage risk while lending or investing money. However, ML algorithms can take past data and determine patterns easily that are otherwise too difficult to spot by a human eye. Once this information is put together financial institutions can make better decisions about investments or loans. Fraud detection is getting more attention due to growing
