Fintech Outsmarting Competitors with ML by Side

By CIOReview | Thursday, July 18, 2019
Cioreview

Cioreview

ML is interpreting documents, analyzing data, and executing intelligent responses to outsmart the competition in the financial industry.

FREMONT, CA:The value of Machine Learning (ML) in finance is becoming more evident day by day. As financial institutions strive to power up security, streamline processes, and enhance financial analysis, ML is becoming the technology of choice. ML is not just another buzzword, and unlike many technologies in the hype, ML is going to take its place of stay. The ability of computer programs is to learn on their own and progress over time creates new possibilities for industries across the board. Fintech is also adopting ML as well. It offers a unique level of service for financial forecasting, customer service, and data security. ML technology is transforming the financial sector in many ways, as well.

• Fraud Prevention

Financial service suppliers have no greater responsibility than protecting their customers against fraudulent exercise. To win the battle against financial fraud, financial businesses must abandon antiquated approaches. Identifying and deterring fraudulent transactions necessitates sophisticated solutions that can analyze high-volume data which ML provides.

• Risk Management

ML advances risk management. Conventional software applications predict credit worthiness based on static information from financial reports and loan applications. Machine learning technology can identify current market trends and even relevant news items that can affect a client’s ability to pay.

• Customer Service

Poor customer service persists one of the chief criticisms among financial users. Customers want specific information and fast solutions to their intricacies, be it a virtual assistant or humans. ML is improving chatbot customer experience. ML puts a new spin on virtual assistants by equipping them to learn, rather than merely following a prescribed set of instructions. ML-based chatbots adapt their approach established on the behavior of each consumer. The outcome is a chatbot that acts and appears more human for an enhanced customer experience

• Marketing

Marketing is just another application of ML for finance that profits corporate finance and the baking domain. The intelligence to make predictions based on prior behaviors is fundamental to any thriving marketing effort. ML-powered marketing ecosystems are bringing predictive marketing capabilities to the marketing business. As financial institutions opt-in for ML solutions, ML tools will be the forefront and focus of their marketing tactics.