Machine learning in UK financial services

In the financial services industry, the application of machine learning (ML) methods has the potential to improve outcomes for both businesses and consumers. In recent years, improved software and hardware as well as increasing volumes of data have accelerated the pace of ML development. The UK financial sector is beginning to take advantage of this. The promise of ML is to make financial services and markets more efficient, accessible and tailored to consumer needs. At the same time, existing risks may be amplified if governance and controls do not keep pace with technological developments.