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.
About Oleh Plakhtiy
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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.
Modern science is facing a completely new challenge: overload. According to research from the University of Ottawa, the total number of research papers published since 1665 passed the 50 million mark in 2009 and approximately 2.5 million new papers are published every year.