Machine Learning has arguably been the most important technology trend of the year. Granted, when it comes to machine learning capabilities, we’ve only barely scratched the surface.

We’ve seen machine learning algorithms do a number of things this year from recommending playlists on Spotify to sorting through photos on Facebook. Of course, more applications of machine learning can benefit an exponential amount of tasks, organizations, and industries.

The consultancy Accenture, mentions the benefits of machine learning for banks include lowering cost bases, managing credit risks, improvements in the efficiency and effectiveness of processes, optimizing high-frequency trading, and detecting fraud.

Below, see Accenture Consulting address machine learning as a solution to the most critical challenges faced by the banking sector today.