Thanks for sharing. Was literally just reading it a few minutes ago with great intrigue. Would be interesting to see what is classified as real ML and how much of it is being used for actual decision making - I lead an ML team at a bank and everyone tries to sell it more than it is.
Fraud detection is one of the areas I've come across that are actually doing something interesting within retail banking. But agreed - plenty of opportunities for ML to make things more efficient.
A a paraphrase of a kind of self-deprecating but insightful comment from a ML prof I heard: There’s a lot of hype around machine learning, but it can’t really do that much. If you want to see what it’s capable of, check your Amazon recommendations. Sort of works some of the time, and other times offers you complete nonsense. Amazon has very smart engineers and the best algorithms and tons of data. This is about the limit of what you can currently do.
Fraud detection is one of the areas I've come across that are actually doing something interesting within retail banking. But agreed - plenty of opportunities for ML to make things more efficient.