The financial services sector is adopting Artificial Intelligence technologies at a growing rate. Areas such as asset management, algorithmic trading, credit underwriting, blockchain based finance solutions, fraud detection and claims processing have all seen increased adoption of Machine Learning to drive more robust data-driven decision processes and better understanding of customer needs . This shift is mainly driven by the emergence of more cost-effective computing capacity and the abundance of available data.
Artificial intelligence and Machine Learning
On one hand, and to put it simply, Artificial Intelligence (AI) is the broader field of development of systems able to perform tasks that would normally require a “human intelligence”. On the other hand, Machine learning (ML) is a sub-category of AI focusing on the development of models for prediction and pattern recognition from data, with limited human intervention.
In the financial services industry, the…
