Neural Networks and Machine Learning go hand in hand to interpret and observe data sets. The neural network does what can be called “the dirty work” to output accurate predictions to assist with decision making. The concept of Neural Networks is to mirror the human brain and model complex patterns. These patterns can stem from images, text or sound, labeled or unlabelled. Labeled inputs and outputs mean that data translation is structured.
Neural Networks have now been realized as playing an important role in banking operations. Here are the predicted ways neural networks will disrupt the banking industry:
Deltec Bank – Bahamas says, “Neural networks haven’t entirely come to the fore of artificial intelligence for banking institutions yet. However, its capability to mirror human decisions will only produce many benefits to customer service, decision making, and internal operations.”
To sum up, neural networks are the driver of deep learning algorithms to represent a human brain’s biological neuron network. There are many ways that neural networks can improve banking operations through predictive analytics to output the accurate decision, to better enhance service of customers and streamline processes, cutting out the middleman and reduce waiting time to make a decision. Neural Networks will eventually form a key foundation layer for bankers to improve automation.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
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