How Machine Learning is used for finance?
by Mashum Mollah Technology Published on: 11 February 2020 Last Updated on: 10 January 2023
We all heard about Artificial Intelligence by now, as well as about Machine Learning solutions which are defined as a branch of AI technologies. Mostly we can hear about their spectacular input into various industries which converts into increased revenue.
But we also sometimes fear this new technology because simultaneously we see different companies struggling to stay afloat because of misusage of AI applications. What exactly can ML do for us and how to implement it without risking so much?
What Machine Learning applications can do for our business in finance?
Though without a doubt the implementation of the new system is expensive, using it correctly and having realistic expectations towards it can turn these expenses into actually reducing the costs and in the end making more money than it has been ever possible before. ML’s main goal is to increase the productivity and efficiency of our company’s system. It can be obtained by the process automation, algorithmic trading, Robo-advisory, underwriting and credit scoring. It all can be done by just our brand new application built specially to suit our needs. What is more, ML technologies can reinforce our security with ease. It is especially needed in the finance industry where the products offered are all in all services regarding money. This is the reason why people opt for certification in machine learning.The best machine learning certification will help you master specific tools and technical concepts and guide you through the process of building realistic, complete machine learning applications.
Process automation as an example of increasing productivity by ML
The simplest and more common task for ML algorithms is to automate processes undergoing in our company. Repetitive and predictable tasks can be easily done by a computer program, there is no need any longer for dull human labor. Our Machine Learning application can take over the whole section of customer service single-handedly. It can respond to e-mails, answer calls and chat with customers via a chat-bot on our website.
The algorithm can also handle all of our paperwork by itself. The more data we can “feed” it the better it is going to become in achieving its goals. Financial companies always have a lot of data to process and, at a certain level, there is simply no way that just a human would be able to analyze it all by oneself.
How to start with machine learning?
First, we should look into the topic and try to understand it correctly. The worst thing to do is to have unrealistic expectations towards machine learning. It cannot perform miracles though we sometimes think that it seems like it. If we have a hard time understanding the whole process we can always reach out to the professionals in this matter.
For example one of the best companies that provide advisory services regarding the implementation of AI into companies’ systems is Addepto. The advisor will show us the right direction.
Adeppto is also known for Data Science consulting, Business Intelligence services and ML application development. One of the most common problems when it comes to those kinds of improvements it that there are not enough ML engineers. So it is best to seek independent companies with a good reputation.
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