This blog continues our Qubix 101 series which explores key technologies and trends from the ground up.
What is machine learning?
Machine learning is a subset of data science that draws insights and makes predictions using statistical models without being explicitly programmed.
What is machine learning in finance?
In the finance sector, machine learning involves reshaping financial services to enable a business to increase their profits and reduce losses through drawing insights and making predictions.
Benefits of machine learning in the financial sector
Machine learning improves the management of risks in a business since it can accurately predict the creditworthiness of a client based on information from loan applications and reports. It identifies current trends in the market and any news items that may affect the loan payment ability of a client. Plus, it can predict a financial crisis and prevents financial crime that could occur in a business.
Machine learning protects financial data as it has security solutions uniquely suited to secure financial data. This is due to its power of intelligent pattern analysis combined with broad data capabilities.
Machine learning has fraud detection software which provides sophisticated solutions that can analyse high volume data and prevent fraud. Helping businesses to protect their clients against fraudulent activities.
Customer service is improved by machine learning as it enhances Chabot features. Customers want accurate information, and if they are encountering a problem, they need a fast solution. With machine learning, customers can be assisted virtually and receive the knowledge they need instantly rather than just following a set of instructions.
It resolves trading fails through offering solutions and identifying the cause of the trade failing. Machine learning identifies exceptions to standard trading patterns and is able to locate the likeliness of business to fail, helping businesses make more accurate and reliable trading decisions.
Why you need machine learning in finance in your business
For the prosperity of your business and to improve your profits, you need to acquire machine learning for the management of your finances. It is not only beneficial to your company but also to your customers since it can improve customer services and customer experience overall.