Beyond the buzz: Harnessing machine learning in payments

Opportunities to expand the use of machine learning in payments range from using Web-sourced data to more accurately predict borrower delinquency to using virtual assistants to improve customer service. Machine learning is one of many tools in the advanced analytics toolbox, one with a long history in the worlds of academia and supercomputing. Recent developments, however, are opening the doors to its broad-scale applicability. Companies, institutions, and governments now capture vast amounts of data as consumer interactions and transactions increasingly go digital. At the same time, high-performance computing is becoming more affordable and widely accessible.