The financial services industry has already implemented machine learning. Numerous fields utilize it, including intricate solutions such as thwarting fraudulent activities, assessing risks, obtaining a deeper knowledge of customers, and enhancing the medical industry, among other applications. The wide-ranging issue of generating intelligence has been subdivided into various components, each of which has become a distinct area of research dedicated to addressing its unique challenges.
Mobile Money, Mobile Payments, Mobile Banking and Mobile Commerce can be termed Mobile Financial Services. The magic word known as “Pay” has gone viral in today’s time and every day we have 1 or 2 new startup’s entering the payment industry, specifically into the Mobile Payment domain. Mobile phones can be used to deliver a range of banking services. Not from Banks, I am separating banking and banks. Banking services dont need banks any more. Transaction data can be used to develop customers’ credit histories to offer other top-up services.