Exploring the Cutting Edge in Machine Learning for Banking and Insurance

In financial services, the near future will see a shift in power toward the customer. That was the general consensus among SAP and the bankers and insurers participating in the first SAP Next-Gen Boot Camp on Machine Learning in Financial Services, held at the SAP Innovation Center Potsdam last week. Forty-six SAP customers from banking and insurance gathered to discuss the current and future challenges these sectors face, as well as to gain hands-on experience as to how machine learning can help master them. Machine learning and artificial intelligence provide unheard-of opportunities to banks and insurers to gain actionable insights from the large amounts of data they are dealing with on a daily basis. Banking is currently experiencing the need to accommodate the wishes of a generation who expects to have "a bank on their phone" (Stephen Lofthouse, University College London), a development that FinTech startups have caught on to much faster.