There has been a lot of buzz around machine learning recently. So, what is it? Simply put machine learning is a branch of artificial intelligence which enables computers to use an algorithm to analyse large amounts of data and discover new relationships or hidden patterns. Whilst a move towards AI and machine learning has been progressing steadily, in 2018 businesses are really starting to capitalise on this tech. This is down to the availability of quality data and improved computing power.
Because of this, businesses are going from thinking about it to acting on it. Swiftly recognising its ability to make big improvements to service and productivity. For example, in the credit sector applying machine learning algorithms to loan decisioning allows businesses to make more informed loan decisions faster, which then speeds up the processing time for customers and ensures the business has made the correct choice on accepting or declining that customer.