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Changing face of banking industry
If your bank plans to hire a new marketer, it may want to reconsider that decision. It would be more beneficial to recruit this new thing: machine learning.
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Machine learning is a field of AI science that combines statistical data analyzing with the ability of computer systems for pattern recognition. (Shutterstock/File)
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f your bank plans to hire a new marketer, it may want to reconsider that decision. It would be more beneficial to recruit this new thing: machine learning (ML). Technology experts may argue that artificial intelligence (AI) is more dangerous than a nuclear bomb, but this derivative product of AI will change the face of the banking industry.
Yes, ML is a field of AI science that combines statistical data analyzing with the ability of computer systems for pattern recognition. ML attains unique patterns of data and then generates recommendations or advice for its users in line with their needs.
An easy example is when someone searches for a product through Google, a smartwatch for instance. When they type the word “smartwatch”, Google will return results such as a product’s name and price. Furthermore, when the user opens another website, ads will appear for an online store that offers the smartwatch products sought by the user. This is happening because Google has recognized the pattern of the user’s search. This marketing method is quite useful because it is very personal and suits the needs of the user.
ML technology itself is starting to be incorporated in the banking industry, with its implementation expected to target customers’ needs in a personal way. Banks that have been quite successful in applying it include the Denmark-based Danske Bank. With the introduction of a payment system platform called MobilePay, Danske Bank uses MobilePay data to track the patterns of its customers. Danske Bank even set up self-owned start-ups that have the special task of analyzing data, namely Advance Analytic (AA).
