3 in 4 Banks in Asia Will Invest in Machine Learning This Year - Fintech Singapore

The financial services industry is undergoing profound shifts facilitated by technologies including artificial intelligence (AI), robotics and the Internet of Things (IoT), but according to Refinitiv, AI will be the single greatest enabler of competitive advantage in the financial sector. Refinitiv's newly released inaugural 2019 Artificial Intelligence / Machine Learning Global Survey found that financial institutions have gone beyond experimenting with and testing machine learning, to applying machine learning models. According to the study, 90% of the C-level executives and data scientists surveyed have already deployed machine learning either in pockets or more fully across their businesses. Approximately three quarters said that machine learning is a core component of their business strategy, and that they are making significant investments in it. "The benefits extend beyond automating rules-based repeatable tasks once done by humans," said Tim Baker, the Global Head of Applied Innovation of Refinitiv.