Machine learning is a branch of Artificial Intelligence (AI) and a data analysis tool focused on the premise that computers and machines can learn from data by finding patterns and making decisions without relying on humans.
Machine learning has a wide range of applications in today’s world, where new data is constantly being created, allowing machines exposed to it to learn and adapt independently for a variety of tasks. This is a continuous learning method in which machines learn from previous computations to achieve consistent results.
Machine learning is used extensively by banks and other finance industry organisations for two major purposes: preventing fraud and finding critical insights in data to research investment opportunities and assist investors in trading. Data mining is used in finance to recognise high-risk profiles and cyber surveillance is used to detect signs of fraudulent activity. Aside from these critical applications, machine learning algorithms and other AI concepts are often used in finance for other critical purposes.
Machine learning technology has now made it possible to create algorithms that can analyse more important, complex data on a wide scale, resulting in more reliable results being delivered faster.