TransUnion is the new trading name of Callcredit in the UK. The usual high levels of service and products will continue as normal whilst we update the brand over the coming months.

Three machine learning myths we need to bust

22 November 2018

Dave Webber, our director of concept management, data strategy and innovation, examines the impact of machine learning in the financial services industry and looks at three of the main misconceptions, in Finance Monthly.

"2018 has been the year that the financial services industry welcomed machine learning (ML) and artificial intelligence (AI) with open arms. However, there is much hearsay on the topic of machine learning, so what should anyone believe?

"While reports last year found that the financial industry was seriously lagging in its adoption – only 37% of organisations said they expected to use AI functionality within the next 18 months – there has been a step-change this year. A study by Adobe and Econsultancy found that the majority (61%) are either already using AI, or plan to adopt the technology within the next 12 months.

"Whilst these numbers are positive, it still highlights how over a third of financial services businesses still aren’t even considering using ML or AI. This needs to change."

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