Machine Learning Applied in the Financial Industry

Abstract

Technological development provides industries and spheres with numerous benefits, particularly availability of new progressive methods that contribute to increase efficiency and enhance performance. Thus, machine learning methods may contribute to financial industry that is involved in processing of a large volume of data. Machine learning methods facilitate to process data faster and efficiently with the minimal intervention of humans. In addition, it helps to predict possible risks for financial business and minimize risks related to the fraudulent activity or financial losses. Furthermore, application of machine learning methods contributes to enhance the work with clients and targeted groups, as well as provide them with appropriate services. The major risks of machine learning methods applications within the financial sphere relate to unpredictability and cyber security issues.