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Applications of Machine Learning and AI in Banking and Finance in 2023

Analytics Vidhya

Introduction Could the American recession of 2008-10 have been avoided if machine learning and artificial intelligence had been used to anticipate the stock market, identify hazards, or uncover fraud? The recent advancements in the banking and finance sector suggest an affirmative response to this question.

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Managing machine learning in the enterprise: Lessons from banking and health care

O'Reilly on Data

In our experience, many of the most popular conference talks on model explainability and interpretability are those given by speakers from finance. After the 2008 financial crisis, the Federal Reserve issued a new set of guidelines governing models— SR 11-7 : Guidance on Model Risk Management. Image by Ben Lorica.

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AI Data, Traditional Trading, and Modern Investments

Smart Data Collective

Artificial intelligence is drastically changing the future of finance. One of the many ways that AI is being leveraged in finance is by helping improve the experience of investors. Fortunately, the first robo-advisors were created in 2008. Financial institutions spent over $10.1 billion on AI last year.

Finance 145
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Structural Evolutions in Data

O'Reilly on Data

” Web3 has similarly progressed through “basic blockchain and cryptocurrency tokens” to “decentralized finance” to “NFTs as loyalty cards.” Bayesian data analysis and Monte Carlo simulations are common in finance and insurance.

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4 of the Biggest Data Breaches in Banking

Smart Data Collective

People use finances daily, but it doesn’t mean they are completely protected from data breaches. In 2008 they suffered a cyber incident which impacted more than 130 million debit and credit cards. Big data is causing a number of data breaches. Sadly, they often affect banks. Banking is an important sector of the world.

Finance 131
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Microsoft adopts RISE with SAP for internal migration to S/4HANA

CIO Business Intelligence

Microsoft has run SAP internally since at least 1995; Amazon.com is reported to have turned to SAP for its finances in 2008, while Google parent Alphabet replaced some of its Oracle financial systems with SAP in April 2021. Microsoft, though, is the first to adopt the RISE with SAP offering.

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Predictive Analytics Improves Trading Decisions as Euro Rebounds

Smart Data Collective

We have talked about a lot of the benefits of using predictive analytics in finance. Recent months have seen a steady decline in the euro, as inflation has hit a record high and economic growth has dropped to its lowest level since the financial crisis of 2008. Predictive Analytics Helps Traders Deal with Market Uncertainty.