One-Third of UK Financial Firms using ML

Posted on February 14, 2020 by Editor

Machine learning (ML) has been touted as set to transform the financial landscape – but is this hype or reality?

A recent Bank of England survey indicated that machine learning – including live projects using complex methods such as natural language processing – are increasingly common in the UK.

The data shows that a third of UK financial firms surveyed are already using machine learning, with a particularly high uptake in insurance and banking. ML is being used in a range of areas including credit scoring, securities trading and anti-money laundering checks.

Machine learning has the potential – and is already beginning to – provide huge benefits for financial services, for example in alternative credit scoring, and predicting risk. A growing number of XBRL projects around the world are feeding the necessary pools of structured data that machine learning tools need.

Read more here.

Other Posts


Would you like
to learn more?

Join our Newsletter mailing list to
stay plugged in to the latest
information about XBRL around the world.

By clicking submit you agree to the XBRL International privacy policy which can be found at xbrl.org/privacy