In our blog post today, we will look for answers to current debates. Artificial intelligence discussions are undoubtedly up-to-date, but they are growing discussions with developing technology. But how do we get involved financially in AI discussions? In fact, these are issues that concern financial data feeds, financial services, and financial data API systems without getting too far away. Therefore, regarding the types of data APIs, let's consider the power of artificial intelligence and machine learning, which are particularly closely related to the Forex Data API system.
The rise of artificial intelligence and machine learning in financial services is already bringing huge benefits in terms of compliance and customer experience. AI, ensuring full regulatory compliance, not minimizing the downtime, and faster decisions can help support and improve the overall customer experience them all. shaped machine learning neural network, you can copy the decision-making process and can take it a step further analysis by the sum of multiple human decisions.
Best practice tells us that it is our best defense against the corruption of the scan. 2018 research on the true cost of financial crime, however, in the era of big data and global third-party networks often emphasizes how difficult it is to identify potential risks in the compliance team which is under extreme loads. Artificial intelligence and machine learning to benefit from real-time, efficient, can help to ensure compliance with the legislation, making it possible to take a consistent and scientific decision. to create waves of technology in financial services is not surprising.
AI and machine learning benefits
In the latest Refinitiv Expert Talk Sean Durkin, Head of Data Science at Barclays, likens the advent of artificial intelligence and machine learning to the dawn of online banking, in how much it will be "a paradigm shift for both the Financial Services Firms and customer. ''
He says the area Significant benefits for compliance teams, especially when they face the familiar needle in the haystack scenario of pinpointing risk within a vast universe of available data.
Let's take a look at an example now.
The machines are assets to reduce false positives and can help determine their relations with their content theme. Smart tagging can configure the content of the millions of text documents that can be processed. People, places, facts, and events, can be labeled to indicate the relative importance of the points. Among other applications, the article deduplication, allowing users to focus on the unique event; and a theme and defines similar content related to a particular entity name and the content cluster grouping.
But value does not end here. According to Durkin, one of the most important advantages of artificial intelligence and machine learning, any negative impact on customers of the organizations can help significantly to minimize. AI, ensuring full regulatory compliance, minimize the downtime to make faster decisions, and can help to promote; all of which will improve the overall customer experience is a key focus for most financial services companies.
Improving human decisions
Groundbreaking development in this field, the machines can be spent in different scenarios to capture the decision-making process of the human mind. Durkin, one of the basic processes in financial services, information specialists to analyze a subject (eg, a loan application) and explains that contains a decision. A neural network machine learning shape may help copy of the decision-making process, but also by generating a total of more than human judgment, intellectual property effectively strengthening and subjectivity and external factors analysis, eliminating move a step further.
Trust in new technology
These new data provide evidence that work-based technology is really fraught with difficulties, but explains Durkin's relatively simple method to build trust in the unknown. An algorithm data access history at a time (for example, six months before the test date) temporarily removed, allowed the machine to predict a future already taken place in the real world. Forecasts to compare with reality, artificial intelligence, and is a measure of the accuracy of machine learning techniques.
The potential of artificial intelligence and machine learning
Durkin, argues that the key elements of the technology within the next three to five years and says that innovations such as cloud tremendous opportunity arises.
As a result, what we need to evaluate in this sense is to know that technological developments come not against us, on the contrary, in line with the needs of humanity. The main source of developments in human history, especially in the economic and financial fields, is to meet the needs. therefore, the fear of technological developments should be replaced by the courage to use them. Artificial intelligence and machine learning technologies will feed financial systems such as Forex API, stocks API. Technologies like these are technologies that make data analysis easier. It will support major developments in the real-time market space.
On the other hand, as the Finage family, we support technological developments in every aspect. We offer technological developments to your service by processing them in order to make them usable. We owe the satisfaction of the Finage API system to our customers to our work team that processes technological developments.
As the Finage company, we aim to present our articles on more detailed topics such as US Stock API, Live Market Data API, and Algo Trading API in the near future. Beyond that, you can browse our articles on topics such as Finage Stocks Data API, Finage Forex Data API, Finage Cryptocurrency Data API. For your possible questions, Finage consultants will welcome you with team spirit and take care of your questions.