Banking on analytics and machine learning

Banking on analytics and machine learning

Source: Jaydeep Gupta, Gulf News

Every day we hear about Machine Learning and Big Data Analytics… ‘United Parcel Service saves 39 million gallons of fuel after using Big Data Analytics to optimise fleet operations’; ‘PayPal uses Machine Learning on Customer, Financial and Network data to combat fraud’; ‘Amazon uses Machine Learning to discover ‘lowest price’ for over 20 million products’…

Demystifying the terms

Machine learning, a subset of Artificial Intelligence (AI) is a method of data analysis that uses algorithms to iteratively learn from data and derive insights without being explicitly programmed.

We can find examples of how Machine Learning is already a part of our daily lives — like Google Maps, using location data from smartphones, analyses the speed of movement of traffic at any given time. Or like Amazon makes recommendations for products — “customers who bought this item also bought”. Read entire article…

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