In the golden age of artificial intelligence (AI), machine learning is playing a major role. As a critical component of AI, machine learning represents an understanding of the algorithms and statistical models that computers use to process information. Essentially, it’s how they think and use the information that they have.
Interestingly, this concept has been around for quite some time. One of the first approaches to machine learning was via artificial neural networks, which utilize math and models of neurons inside the brain. The artificial neural network approach to AI is responsible for powering virtual assistants, several types of photo filters, as well as the first computer able to distinguish shapes back in 1959.
So, why does it matter now?
As technology advances, machine learning is becoming more present in our lives, and represents substantial growth and progress in society. Industries that work with large amounts of data, such as government and retail, are increasingly using it for more efficient planning and marketing, as well as for understanding travel patterns and movement.
This is often made possible through a process called Natural Language Processing (NLP). NLP breaks down the human language, gathers information, curates advertisements and aids you in texting or emailing, among other actions. NLP promotes clarity in communication and, coupled with machine learning, offers a unique edge to data-driven business.
Here at KCD, we are particularly interested in the ways in which the financial services industry can integrate machine learning developments. In the financial industry, banks and businesses alike can use machine learning to gather key data insights and enhance cybersecurity capabilities. Data insights aid in the search for investment opportunities and help time-crucial trades, while data mining helps identify risky clients and potential fraud.
Regardless of its application, machine learning is, and will continue to be, a part of everyday life and promises to deliver more precise models, more accurate results and big impacts. While we are often made aware of the ways in which big-name companies like Apple, Facebook and Tesla interact with machine-learning technology, we may not be aware of just how AI is being used in our lives. Machine learning and natural language processing will continue to have a major effect on our future and we should expect to see it everywhere, shaping our data-driven world.