{"id":33297,"date":"2022-08-09T01:51:07","date_gmt":"2022-08-09T01:51:07","guid":{"rendered":"https:\/\/multiplica.com\/?post_type=mx_noticias&p=33297"},"modified":"2022-08-09T01:51:07","modified_gmt":"2022-08-09T01:51:07","slug":"predictive-models-in-the-financial-industry","status":"publish","type":"news_post","link":"https:\/\/multiplica.com\/en\/news\/predictive-models-in-the-financial-industry\/","title":{"rendered":"Predictive models in the financial industry"},"content":{"rendered":"

Multiplica talks for OpenFinance on how <\/span>Machine Learning<\/span><\/i> is revolutionizing the world of finance in terms of customer interaction and knowledge, as well as risk assessment.<\/span><\/h2>\n

Once again, Multiplica gave a webinar for <\/span>OpenFinance’s<\/span><\/a> audience, in which <\/span>Jordi Navarro<\/span><\/a>, Head of Customer Intelligence, presented an interesting talk on predictive models applied to the financial industry.<\/span><\/p>\n

According to Gartner, 70% of technology projects in the financial services industry will be employing artificial intelligence by 2024; the use of machine learning will be an increasingly common tool that will optimize processes, allowing to generate better user experiences, and therefore, better business results.<\/span><\/p>\n

Machine learning in the financial industry<\/span><\/h2>\n

“Machine learning is a scientific discipline in the field of artificial intelligence that creates systems that learn automatically.”\u00a0\u00a0<\/span><\/i><\/p><\/blockquote>\n

According to what we discussed with Jordi, algorithms are classified according to their complexity and the value contribution they have for the business; starting with descriptive analytics, which allows us to understand what has happened before, to later enter into a deeper analysis in which machine learning will enable us to understand in depth three types of analytics:<\/span><\/p>\n

    \n
  • Diagnostic: It indicates the causes and their weight when we see the consequences and their effects.<\/span><\/li>\n
  • Predictive: Indicates probabilities that something may happen.<\/span><\/li>\n
  • Prescriptive: It tells us what recommendations can be made based on the user’s characteristics and preferences.<\/span><\/li>\n<\/ul>\n

    All of the above will give us the guideline to reach a final state of deep learning in which, through cognitive analytics, we will be able to identify the true value that a situation or customer has for the business.<\/span><\/p>\n

    Use cases in the financial sector<\/span><\/h2>\n

    During the talk, the expert pointed out some use cases where we can make use of machine learning in the financial industry:<\/span><\/p>\n

      \n
    • Personalization: Everything related to improving the customer experience, personalized offers and prices, and product recommendations.<\/span><\/li>\n
    • Scoring: Refers to giving a value to understand credit risk issues, probability of default and how much can be foreseen in monetary terms that a customer will represent for the business (Customer LifeTime Value).<\/span><\/li>\n
    • Fraud detection: Helps detect activities such as money laundering, financing of illicit activities and market abuse surveillance.<\/span><\/li>\n<\/ul>\n

      Conclusions<\/span><\/h2>\n

      According to what was discussed during the talk, the projects that achieve the best results are those that focus on automating repetitive micro-decisions that until now should be undertaken by one person, clearly contribute to revenue generation and demonstrate a clear ROI on Data & Analytics initiatives.<\/span><\/p>\n

       <\/p>\n<\/div><\/div><\/div><\/div>","protected":false},"author":16,"template":"","tags":[],"class_list":["post-33297","news_post","type-news_post","status-publish","hentry"],"acf":{"post_type_knowledge_image_module_big":32541,"post_type_knowledge_image_module_small":32546,"post_type_knowledge_image_module_header":32551},"yoast_head":"\nNoticias digitales y actualidad en innovaci\u00f3n | Multiplica<\/title>\n<meta name=\"description\" content=\"Multiplica talks about how Machine Learning is revolutionizing the world of finance in terms of customer interaction and knowledge, as well as risk assessment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/multiplica.com\/en\/news\/predictive-models-in-the-financial-industry\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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