How Banks & Regulators are Applying Machine Learning

Annual worldwide AI revenue is projected to grow from $644 million in 2016 to $37 billion by 2025, with top use cases including algorithmic trading strategy performance improvement; static image recognition, classification, and tagging; efficient, scalable processing of patient data; predictive maintenance; content distribution on social media; and more. The financial services industry is no stranger to machine learning – a number of large institutions continue to successfully implement the technology across such areas as risk analytics and regulation, customer segmentation, cross-selling and upselling, sales and marketing campaign management, creditworthiness evaluation. Among institutions that are applying machine learning are BBVA, JPMorgan Chase, HSBC, OCBC, and many more. "Credit applications and underwriting are the key areas where machine learning, and data analytics in general, will have an initial impact. The outcomes will include cost reductions, increased efficiency, and less onerous customer experiences," experts suggest.