How Machine Learning is Impacting the Finance Industry

Machine learning is streamlining and optimizing processes ranging from credit decisions to quantitative trading and financial risk management. This exciting technology has the potential to transform financial services business models and markets for trading, credit and blockchain-based finance, reduce friction and enhance product offerings. Machine learning is a subset of artificial intelligence that utilizes advanced statistical techniques to enable computing systems to improve at tasks with experience over time. Chatbots like Amazon's Alexa and Apple's Siri improve every year thanks to constant use by consumers coupled with the machine learning that takes place in the background. Machine learning has grown substantially within the finance industry, enabled by the abundance of available data and the increase in the affordability of computing capacity.