Wow AI
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Wow AI

Itaú Unibanco’s Lead of Data Scientists discusses the Importance of ML Models in Banking

Time for financial institutions to capitalize on the potential of AIML

About the speaker

Previously a software engineer for 13 years at IBM, Thiago Bianchi is now the Principal Data Scientist at Credit Recovery Community at Itaú Unibanco. He is leading the development of machine learning models and guiding his team in implementing a data science development methodology based on CRISP-DM.

On the importance of machine learning models in the banking industry

Understanding the industry’s current concern for fraud detection and creditee-related applications, Thiago’s team is researching different segments of the bank not only to classify or predict behaviors but also aiming to suggest the best financial product configuration to their clients. Considering the huge client database Itaú Unibanco has, machine learning model solutions and optimization models are crucial, especially in the retail financial segment.

“We are not just using blindly and testing random weekly machine learning techniques. And this is a trend as I can see in some areas of machine learning as well.”

Addressing the reason why not many banks have made use of the immense potential AI/ML holds, Thiago shared that it’s because there’s a surprisingly large number of executives and business teams who don’t have the basic knowledge of AI. He believed that many people still see AI/ML as a silver bullet solution. However, it’s been proven that without any knowledge, businesses cannot come up with a solid solution to their problem.

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