Financial firms expect benefits of automation to rise significantly

The application of machine learning methods – automated models for prediction and pattern recognition – has the ability to transform UK financial services, according to a survey from the FCA and the Bank of England. The promise of machine learning (ML) is to make financial services and markets more efficient, accessible and tailored to consumer needs. The survey was sent to almost 300 firms including banks, credit brokers, e-money institutions, investment managers, insurers, non-bank lenders and principal trading firms. Two thirds of respondents already use machine learning in some form. Respondents said they are already seeing benefits from ML and expect these to increase significantly over the next three years.

Source: Financial Reporter
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