Applications of machine learning
Machine learning encompasses a set of techniques that learn from historical data. Based on the patterns learned from historical data, the machine learning technique predicts the probability of an event happening on a future dataset. Given the way in which machine learning works, there are multiple applications of the set of techniques. Let's explore some of them in the following sections.
Financial services
Some applications in the field of finance are as follows:
- Identifying the riskiness of a loan/credit card applicant
- Estimating the credit limit of a given customer
- Predicting whether a card transaction is a fraudulent transaction
- Identifying the customer segments that need to be targeted for a campaign
- Predicting whether a customer is likely to default in the next few months
- Recommending the right financial product that a customer should buy
Retail industry
The following are some applications of the different techniques of machine learning in the retail industry...
