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Dispelling the myths about machine learning implementation in financial services

04 January 2018

Mark Davison, Chief Data Officer, Callcredit Information Group

Whether it is the retail industry’s ability to make recommendations based on a consumer’s online behaviour, or healthcare professionals using computer assisted diagnoses to determine diseases quicker than ever before, machine learning (ML) has become a game changer in a wide variety of sectors.

However, despite the opportunities it presents for fraud prevention and affordability modelling, and the wealth of data available to model from, ML adoption rates have not been as widespread as in other industries. The Digital Banking Report revealed that only 37% of financial services organisations are expecting to use artificial intelligence (AI) functionality within the next 18 months. Owing in part to the sector’s risk-averse nature, many have been reluctant to embrace the potential positives of the technology, instead favouring to stick with tried and tested techniques. But the industry cannot afford to stand still, and 2018 should be the year that financial services (FS) businesses dispel some of the prevalent myths standing in the way of them fully harnessing ML’s potential.

Read the full article in Global Banking and Finance Review