Banks ahead of the curve with machine learning

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PA Consulting’s Richard Berkley, machine learning and financial services expert, comments on the opportunities for banks using machine learning (ML) in an article by Bill Lumley in The Banker.

Commenting on this Richard says: “Banks can enhance customer experience and generate significant cost savings through the use of ML. Until recently, banks had just been experimenting with ML and using it to gain better customer insights. Now, they are starting to build it into their core functions.”

Adding: “Automated ML is now being embedded into credit decisioning processes, transaction monitoring for fraud detection, complaint resolution, identifying vulnerable customers, personalised customer service, recruitment and staff development.”