According to research done by Business Insider Intelligence, banks can benefit by $447 billion by 2023 applying Artificial Intelligence. No wonder artificial intelligence is playing an increasingly important role in financial institutions’ roadmap for the coming years – 75% of banks with over $100 billion in assets already have AI strategies in place.
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Cost of risk is one of the biggest components in banks’ cost structure. Thus, even a slight improvement in credit risk modelling can translate in huge savings. That’s why Machine Learning is often implemented in this area.