Machine Learning Revolution Transforming Banking with Advanced Analytics

Abstract

The banking sector has been revolutionised by the rise of machine learning (ML) applications. The banking industry generates a tremendous amount of data, and ML has emerged as a useful tool for analysing this data to increased efficiency, better serve customers, and better manage risks. As such, this chapter's focus is on ML's applications in the banking and financial industries. Large amounts of information related to transactions may be analysed in real-time with the help of ML methods in the finance and banking sectors, allowing for the detection of fraudulent actions, the prevention of monetary losses, and the protection of customers. In general, ML has the potential to revolutionise the banking industry by helping financial institutions better cater to their customers' individual needs, streamline their risk management processes, and deliver superior service.