How can Banks Get Started With Machine Learning?

But not a drop to drink," is one of the more famous lines of poetry from Samuel Coleridge about a dehydrated sailor adrift at sea; but it could just be describing the data challenge faced by banks. There is no shortage of bank data, in fact the likes of Oracle and Accenture have built whole divisions in helping build and manage data. The challenge is that accessing and using this data is a minefield for banks due to internal organizational and regulatory compliance constraints, which makes taking advantage of new tools like machine learning all that more challenging. Therefore, what are the approaches that other banks have used to navigate around this and what best practices can be applied to take advantage of data? One of the primary challenges banks face is that data has piled up in different systems, making the concept of a'universal' customer record something of a joke.