Machine learning in financial services

Financial services industry is increasingly powered by big data, new business models, advanced analytics and technology. Innovation is dramatically changing the markets and the nature of the financial system supporting it. The UK regulators - Bank of England (BoE) and Financial Conduct Authority (FCA) - have taken a keen interest in the way that Machine Learning (ML) is being deployed by financial institutions. That is why they conducted a joint survey in 2019 to better understand the current use of ML in UK financial services.

The survey was sent to almost 300 firms, including banks, credit brokers, e-money institutions, financial market infrastructure firms, investment managers, insurers, non-bank lenders and principal trading firms, with a total of 106 responses received.