China’s Yushan Bank recently launched its MLaaS (Machine Learning as a Service) platform, enabling its clients to use Machine Learning services through lightweight APIs. The primary goal of this project is to allow AI tech to be used widely in risk management across varying financial scenarios. Yushan Bank’s MLaaS was developed using open source code.
Additionally, the bank aims to recognize the plights of its customers by using this ML platform, and wants to help users get efficient financial services using this digital transformation. Most importantly, ML has the potential to create financial systems that provide customized solutions to consumers. The bank is also using ML-based systems to develop security features for its card payments services.
Yushan Bank employs a proactive technology development team of more than 1,000 individuals. This team provides smart financial solutions by working with disruptive tech like ML and AI. The bank has also joined hands with several universities like National Taiwan University, Jiaotong University, and Academia Sinica to initiate industry-university ties, and to create fintech research and development centers.
Machine Learning in banking systems
Globally, the banking industry is using ML to better cater to the needs of consumers, thanks to its data-driven predictions that generate new business opportunities for other institutions.
ML is essentially a vital branch of Artificial Intelligence tech, which teaches machines to “think” on their own. While it is currently in use in the form of chatbots and automatic replies to emails, the technology has a much broader potential. The MLaaS generated by Yushan Bank is a large development in the fintech sector.