UK regulators: machine learning deployments set to double in financial services – Government & civil service news

Research by the UK's Bank of England (BoE) and Financial Conduct Authority (FCA) has found that the country's financial services businesses are fast deploying machine learning (ML) technology to tackle money laundering and fraud. The survey found that ML – defined as "the development of models for prediction and pattern recognition, with limited human intervention" – is increasingly being deployed, with use expected to more than double in the next three years. As well as addressing crime, businesses are developing ML tech for customer-facing applications such as customer services and marketing. The central bank and regulator combined forces to run the survey, having pinpointed ML as a'principal driver' of how innovative technology is transforming global finance. The survey was sent to organisations such as e-money institutions, banks, financial market infrastructure firms and investment managers.