The state of machine learning in financial services Algorithmia Blog

The financial services industry has often been at the forefront of using new technology to solve business problems. It's no surprise that many firms in this sector are embracing machine learning, especially now that increased compute power, network connectivity, and cloud infrastructure are cheaper and more accessible. This post will detail five important machine learning use cases that are currently providing value within financial services organizations. The cost of financial fraud for a financial services company jumped 9 percent between 2017 and 2018, resulting in a cost of $2.92 for every dollar of fraud. We have previously discussed machine learning applications in fraud detection in detail, but it's worth mentioning some additional reasons why this is one of the most important applications for machine learning in this sector.