On November 15th, my credit risk analytics course will be available as e-Learning. Send me an email at Bart.Baesens@gmail.com Bart Baesens holds a master's degree in Business Engineering (option: Management Informatics) and a PhD in Applied Economic Sciences from KU Leuven University (Belgium). He is currently an associate professor at KU Leuven, and a guest lecturer at the University of Southampton (United Kingdom). He has done extensive research on data mining and its applications.
Akelius buys, upgrades and manages residential properties. The company owns 47,000 apartments in Sweden, Denmark, Germany, France, Canada, England and the United States. We are a rapidly growing international company more than eight hundred employees around the world. An integral part of our company is the Technology department. The Development team consists of more than one hundred employees mostly based in Berlin.
Machine learning technology is poised to be huge thing in financial services. In fact, two-thirds of UK-based firms are already using it. That is according to two of the UK's top financial regulators. The Financial Conduct Authority (FCA) and the Bank of England have taken a deep dive into how the financial services industry in the country is using machine learning. The research is based on a survey sent out to 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers, non-bank lenders and principal trading firms.
In Texas, a child asks an Amazon Echo to "play dollhouse with me and get me a dollhouse?" In England, the words "OK Google, what is the Whopper burger?" in a Burger King advertisement trigger Google Home smart speakers to start spouting descriptions of the burgers. And sometime soon, your car may choose the best price for maintenance or an electric charge, as well as driving itself to the appointment. Welcome to the new world where intelligent machines, rather than people, make more and more decisions about what to buy, at what price, and complete the transactions without a middleman over a blockchain distributed ledger. This will mean massive new markets for everything from home supplies ordered via "smart speakers" such as Amazon Echo to electricity ordered by smart thermostats to replacement parts and raw materials purchased by manufacturing robots or optimisation algorithms for cyber physical systems of machines.
AI has been talked about since the very early days of computing and has attained mainstream use in recent years with the likes of Amazon's Alexa and Apple's Siri. "Just as in the last 40 years, computation has enabled us to change the way we do business and create new products, AI will help us to make better decisions," Carlos Kuchovsky, chief of technology and R&D at BBVA, tells Finextra. "We are now looking at the ways in which it can help us change the way we operate and bring value." The Bank of England has recently reported that machine learning tools are in use at two thirds of UK financial firms, with the average company using it two business areas, which is expected to double in the next three years. It may be through interoperation with cloud and blockchain technology that AI's capabilities will be fully harnessed.