Even with machine learning, human judgment still required in fintech sector

A COMBINATION of recent events has seen a rapid acceleration in the adoption and incorporation of technologies by a wide range of firms and institutions in the global financial sector. Whether this adoption has been spurred on by the global financial crisis of 2008; the need to adhere to regulation; or the immediate need to pivot and handle the consequences of Covid-19 and its impact on customers and staff, firms in the finance industry are embracing financial technologies (fintech) into their daily processes. Designed to drive enhancement in services and improve efficiencies in back-office operations, it has seen a thriving sector developed beyond traditional'Wall Street' financing. The prospect of the part that machine learning (ML) could play is generating a lot of momentum. The financial sector is well-placed to benefit from machine learning, with large volumes of historical structured and unstructured data to learn from.