Five Things you need to know about Machine Learning

Like most industries, the financial services sector is being rapidly redefined by emerging new technologies. No longer limited to operating at the transactional level (think mobile banking and digital payments), increasingly advanced tech is encroaching into the more human-dominated roles within the sector. A Bank of England survey recently reported that financial services firms expect to see significant growth in their use of technologies such as Machine Learning over the next three years. These technologies are expected to be brought in to automate processes such as decision making – relying on algorithms to reach conclusions in a quicker, more accurate manner than a human. Aside of these obvious benefits which serve to boost company and industry performance and profitability, there is the added expected advantage that, by gathering the data necessary for this process to occur, the company can also discover new insights that can be exploited for commercial gain.