The Financial Technology industry continues to evolve at a rapid pace. This, in turn, means that the technology it uses to operate also needs to keep up with this pace. For the modern Fintech company, the chance to incorporate machine learning into their workflow is crucial. Although not a new invention as such, machine learning has recently emerged as the new buzzword in AI circles for business.
What is machine learning?
In FinTech, machine learning is very useful due to the nature of how it works. In simple terms, machine learning is a branch of computer science that allows computers to use data to learn from. Where it is really exciting is that the computers do not need to be programmed to conduct this learning – they do it all by themselves as they sift through the data available.
To give real-world examples, targeted online advertising is machine learning in action. Your laptop or PC uses the data it has on your previous internet searches to then learn what you like and offer future suggestions.
Why will machine learning be essential for the FinTech industry?
Finance and Technology are great partners as technology can really help financial institutions work smarter. Within the FinTech sector itself, machine learning will provide the backbone to many useful applications for FinTech organisations. It will not only give them an insight into their customers’ habits and preferences but allow AI to become even more customised and personal.
Of course, machine learning will also allow the FinTech sector to become more robust in detecting crime such as fraud online or tracking down cyber-criminals attempting to hack into bank accounts. Simple password protection is no longer enough in today’s sophisticated world. Machine learning may one day have the capacity to allow your computer to detect if it really is you using it from how you use the mouse or the speed you type. For the FinTech industry, these type of uses are extremely valuable.
Let Mitra Innovation help with your digital transformation
If you need any help or further information around machine learning or digital transformation, get in touch with us today. Mitra Innovation are at the forefront of systems integration and product incubation so can assist whenever you need us.