Incumbents need machine learning to ward off fintech challengers

New players are rapidly gaining higher market share by attracting customers with digital products and innovative services, many of which are made possible through machine learning and artificial intelligence. Such players can easily meet customer demand as they already have lean and agile digital operations. To maintain leadership, incumbents must keep pace with the new normal of rapid disruption. With its capacity to learn from large datasets and establish patterns and correlations, machine learnings can revolutionize operations. It can inject new efficiencies into tasks such as risk assessment, fraud detection, anti-money laundering, trading, and customer service by providing instant insights, relevant recommendations, and informed decisions in real-time.