The finance sector, specifically, has seen a steep rise in the use cases of machine learning applications to advance better outcomes for both consumers and businesses. The recent years have seen a rapid acceleration in the pace of disruptive technologies such as AI and Machine Learning in Finance due to improved software and hardware. Financial institutions are using the latest technologies to understand customer needs, identify opportunities, stay competitive, solve business problems and streamline back-office operations. Here are some of the reasons why banking and financial services firms should consider using Machine Learning despite having the above-said challenges.
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