Financial services take lessons from machine learning

Open Banking promises increased access to customer data, but with newfound transparency comes a greater need to understand how that data is utilised. Together with developments in machine learning (ML), markets are changing. So far, ML has been used in financial services to manage content and data, detect fraud and money laundering, facilitate biometric identification, trade via algorithms, and assist with regulatory compliance. A survey by the Bank of England, undertaken in the first half of this year, found that two-thirds of UK financial services companies are now using ML. Nineteen percent of companies surveyed have or are creating centres for promoting the technology internally.