Machine Learning in Fintech
Fintech is using machine learning to increase top and bottom line through gaining competitive advantages, reducing expenses, and improving efficiencies. They are optimizing all areas of their business from risk analysis and portfolio optimization to marketing, in order to make data-driven decisions that lead to increased profitability.
Use cases in Fintech
Credit Card Fraudulent Transactions
The cost of credit card fraud is billions of dollars per year. By accurately predicting which transactions are likely fraudulent, banks can significantly reduce these illegal transactions while providing card holders an excellent customer experience.
See the use caseCredit Default Rates
Individuals or businesses often need loans. Making accurate judgments on the likelihood of default is the difference between a successful and unsuccessful loan portfolio.
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