Machine Learning for banks and insurance companies

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Today, machine learning plays an important role in the optimization of financial services. Machine learning usually refers to stochastic methods in which an algorithm learns from many ­different but representative data sets. The financial services industry often has very large data sets, such as financial transactions, customers, companies and stock markets. Machine learning techniques are particularly well-suited for analyzing these large volumes of data and for deriving ­predictions and recommendations. Learning algorithms develop a complex model from the sample data. This model can then be applied to other, similar data to gain valuable and proper predictions.