Finance To Increase Machine Learning Use - Markets Media

Two thirds of financial services firms currently deploy machine learning and expect to increase their use of the technology within the next three years. The Bank of England and the UK Financial Conduct Authority conducted a joint survey this year on the current use of machine learning, a methodology where computer programmes fit a model or recognise patterns from data, without being explicitly programmed and with limited or no human intervention. This contrasts with'rules-based algorithms' where the human programmer explicitly decides what decisions are being taken under which states of the world. The study said the median firm uses live machine learning applications in two business areas and this is expected to more than double within the next three years. Bank of England's machine learning paper is also interesting.