Among the strengths of Data Science and Machine Learning is their ability to be applied in a wide variety of fields. Even the health sector, business, banking, and even government can benefit from Data Science and Machine Learning. This is because each field must have data and hope to take advantage of the data it has. One of the fields that use Data Science and Machine Learning a lot is the banking sector. For example, well-known US banks such as JPMorgan, Wells Fargo, Bank of America, City Bank and other US banks have used Machine Learning to provide various facilities to customers as well as for risk prevention and detection. Similarly in India, there are various banks that are interested in using Machine Learning in various fields. Learn more on computer vision datasets.
1. Fraud Detection: Fraud Detection To Prevent Loss
Preventing fraud is one of the bank’s most challenging tasks and by using Machine Learning, banks can detect fraud in real-time to prevent losses. Most of the activities involving banking are carried out by customers through digital and online platforms, so it becomes a very important part to provide security and accuracy of transactions in real-time. Machine Learning models can help detect fraud in real-time. Using the Classification model, a part of Supervised Learning, we can create an algorithm that is able to classify which transactions are predicted to be fraudulent and which are not. This can be done with various classification algorithms such as Logistic Regression, Decision Tree Classifier, Random Forest Classifier, and so on. The main idea in making this algorithm is to study the characteristics of transactions that are classified as fraud and those that are not, then use those characteristics as a basis for determining future transactions.
2. Chatbot: Provide Service For Customers Any Time
Customer Service is very important for customers. Customers can have problems or complaints at any time, hour and day. Not infrequently the questions and obstacles faced by many customers are similar. This repetitive problem can be answered by using a Chatbot. By using Machine Learning, banks can automate customer service at any time so that customers get quick responses to existing questions and problems, especially repetitive problems. Chat-bots not only keep customers happy but also help banks to filter and prevent less critical conversations that can be completed with automation.