Machine Learning Revolution Transforming Banking with Advanced Analytics

This literature review research paper examines the application of AI and machine learning in the financial industry and its effects on risk management and fraud detection. The study conducts a comprehensive search of academic and industry sources and identifies key findings and trends related to the use of these technologies in the financial industry. The literature review finds that AI-based systems have been shown to improve the efficiency and effectiveness of fraud detection by analysing vast amounts of data in real-time and identifying patterns and anomalies that may indicate potential fraud (KPMG, 2018). Additionally, machine learning algorithms can be trained to adapt and improve over time, making the detection process even more accurate. Furthermore, AI-based systems have also been shown to improve risk management in the financial industry (Deloitte, 2019). However, it is important to note that while AI and machine learning have the potential to significantly improve risk management and fraud detection in the financial industry, they are not without limitations and potential biases (Bolton and Hand, 2002; Bose, 2018). Therefore, financial institutions should carefully consider the implementation and use of these technologies and ensure proper governance and controls are in place. This literature review provides a comprehensive understanding of the current state of AI and machine learning in the financial industry, its benefits and challenges, and future possibilities. Keywords: AI, Machine Learning, Financial Industry, Risk Management, Fraud Detection, Governance, Ethical Implications

Chemical heuristics have been fundamental to the advancement of chemistry and materials science. These heuristics are typically established by scientists using knowledge and creativity to extract patterns from limited datasets. Machine learning offers opportunities to perfect this approach using computers and larger datasets. Here, we discuss the relationships between traditional heuristics and machine learning approaches. We show how traditional rules can be challenged by large-scale statistical assessment and how traditional concepts commonly used as features are feeding the machine learning techniques. We stress the waste involved in relearning chemical rules and the challenges in terms of data size requirements for purely data-driven approaches. Our view is that heuristic and machine learning approaches are at their best when they work together.

This paper presents a systematic literature review with respect to application of data science and machine learning (ML) to heart failure (HF) datasets with the intention of generating both a synthesis of relevant findings and a critical evaluation of approaches, applicability and accuracy in order to inform future work within this field. This paper has a particular intention to consider ways in which the low uptake of ML techniques within clinical practice could be resolved. Literature searches were performed on Scopus (2014-2021), ProQuest and Ovid MEDLINE databases (2014-2021). Search terms included ‘heart failure’ or ‘cardiomyopathy’ and ‘machine learning’, ‘data analytics’, ‘data mining’ or ‘data science’. 81 out of 1688 articles were included in the review. The majority of studies were retrospective cohort studies. The median size of the patient cohort across all studies was 1944 (min 46, max 93260). The largest patient samples were used in readmission prediction models with the median sample size of 5676 (min. 380, max. 93260). Machine learning methods focused on common HF problems: detection of HF from available dataset, prediction of hospital readmission following index hospitalization, mortality prediction, classification and clustering of HF cohorts into subgroups with distinctive features and response to HF treatment. The most common ML methods used were logistic regression, decision trees, random forest and support vector machines. Information on validation of models was scarce. Based on the authors’ affiliations, there was a median 3:1 ratio between IT specialists and clinicians. Over half of studies were co-authored by a collaboration of medical and IT specialists. Approximately 25% of papers were authored solely by IT specialists who did not seek clinical input in data interpretation. The application of ML to datasets, in particular clustering methods, enabled the development of classification models assisting in testing the outcomes of patients with HF. There is, however, a tendency to over-claim the potential usefulness of ML models for clinical practice. The next body of work that is required for this research discipline is the design of randomised controlled trials (RCTs) with the use of ML in an intervention arm in order to prospectively validate these algorithms for real-world clinical utility.

Artificial intelligence has been applied in wildfire science and management since the 1990s, with early applications including neural networks and expert systems. Since then, the field has rapidly progressed congruently with the wide adoption of machine learning (ML) methods in the environmental sciences. Here, we present a scoping review of ML applications in wildfire science and management. Our overall objective is to improve awareness of ML methods among wildfire researchers and managers, as well as illustrate the diverse and challenging range of problems in wildfire science available to ML data scientists. To that end, we first present an overview of popular ML approaches used in wildfire science to date and then review the use of ML in wildfire science as broadly categorized into six problem domains, including (i) fuels characterization, fire detection, and mapping; (ii) fire weather and climate change; (iii) fire occurrence, susceptibility, and risk; (iv) fire behavior prediction; (v) fire effects; and (vi) fire management. Furthermore, we discuss the advantages and limitations of various ML approaches relating to data size, computational requirements, generalizability, and interpretability, as well as identify opportunities for future advances in the science and management of wildfires within a data science context. In total, to the end of 2019, we identified 300 relevant publications in which the most frequently used ML methods across problem domains included random forests, MaxEnt, artificial neural networks, decision trees, support vector machines, and genetic algorithms. As such, there exists opportunities to apply more current ML methods — including deep learning and agent-based learning — in the wildfire sciences, especially in instances involving very large multivariate datasets. We must recognize, however, that despite the ability of ML models to learn on their own, expertise in wildfire science is necessary to ensure realistic modelling of fire processes across multiple scales, while the complexity of some ML methods such as deep learning requires a dedicated and sophisticated knowledge of their application. Finally, we stress that the wildfire research and management communities play an active role in providing relevant, high-quality, and freely available wildfire data for use by practitioners of ML methods.

PurposeIn recent years, endocrinology research has increasingly focused on machine learning (ML) applications. ML offers the possibility of utilizing large data sets and extracting imperceptible patterns. It might contribute in optimizing healthcare outcomes and unveiling new understandings of the intricate mechanisms of endocrine disorders. This review covers the basic aspects of ML and highlights specific areas of endocrinology with potential of ML application.MethodsThis narrative review with a systematic literature search comprises studies on endocrine conditions with ML methods used in statistical analysis, published between January 2000 and December 2024.ResultsA total of 1130 studies were analyzed. Thyroid-related research was the most prevalent, followed by studies concerning the pituitary, adrenal and parathyroid glands. ML applications included medical imaging analysis, tumor classification, treatment response prediction, complication risk estimation and identification of molecular markers.ConclusionML has the potential to enhance the diagnosis, treatment and understanding of endocrine diseases. However, the use of ML is still limited by issues such as lack of model transparency, data imbalance and difficulties with clinical implementation. To enable safe and effective application of ML in endocrinology, further validation, interdisciplinary collaboration and standardized approaches are essential.

Application of machine learning in atmospheric pollution research: A state-of-art review

The application of machine learning and nature-inspired optimization methods, like for example genetic algorithms (GA) and particle swarm optimization (PSO) can be found in various scientific/technical areas. In recent years, these approaches are finding application in accelerator physics to a greater extent. In this paper, nature-inspired optimization as well as the machine learning will be shortly introduced and their application to the accelerator facility at GSI/FAIR will be presented. For the heavy-ion synchrotron SIS18 at GSI, the multi-objective GA/PSO optimization resulted in a significant improvement of multi-turn injection performance and subsequent transmission for intense beams. An automated injection optimization with genetic algorithms at the CRYRING@ESR ion storage ring has been performed. The usage of machine learning for a beam diagnostic application, where reconstruction of space-charge distorted beam profiles from ionization profile monitors is performed, will also be shown. First results and the experience gained will be presented.

Machine learning applications for anomaly detection in Smart Water Metering Networks: A systematic review

Edge computing enables smart IoT-based systems via concurrent and continuous execution of latency-sensitive machine learning (ML) applications. These edge-based machine learning systems are often battery-powered (i.e., energy-limited). They use heterogeneous resources with diverse computing performance (e.g., CPU, GPU, and/or FPGA) to fulfill the latency constraints of ML applications. The challenge is to allocate user requests for different ML applications on the Heterogeneous Edge Computing Systems (HEC) with respect to both the energy and latency constraints of these systems. To this end, we study and analyze resource allocation solutions that can increase the on-time task completion rate while considering the energy constraint. Importantly, we investigate edge-friendly (lightweight) multi-objective mapping heuristics that do not become biased toward a particular application type to achieve the objectives; instead, the heuristics consider "fairness" across the concurrent ML applications in their mapping decisions. Performance evaluations demonstrate that the proposed heuristic outperforms widely-used heuristics in heterogeneous systems in terms of the latency and energy objectives, particularly, at low to moderate request arrival rates. We observed 8.9% improvement in on-time task completion rate and 12.6% in energy-saving without imposing any significant overhead on the edge system.

The oil and gas industry faces constant pressure to enhance operational efficiency, reduce costs, and minimize equipment downtime. Machine learning (ML) applications in predictive maintenance have emerged as a transformative approach to achieving these goals. This review explores the role of machine learning in predictive maintenance, highlighting its potential to revolutionize maintenance strategies and improve asset management across the industry. Predictive maintenance leverages advanced algorithms to analyze historical and real-time data from equipment and sensors, enabling the identification of patterns and anomalies that precede equipment failures. By utilizing techniques such as supervised learning, unsupervised learning, and reinforcement learning, organizations can forecast equipment malfunctions and schedule maintenance activities proactively, thereby reducing unexpected downtimes and extending asset lifecycles. The implementation of ML in predictive maintenance provides several key benefits. Firstly, it enhances operational efficiency by optimizing maintenance schedules and minimizing unplanned outages, which are critical in the capital-intensive oil and gas sector. Secondly, it enables cost savings through more efficient resource allocation and reduced labor costs associated with reactive maintenance strategies. Thirdly, machine learning algorithms can continuously learn from new data, refining their predictive capabilities and improving accuracy over time. Several case studies illustrate the successful application of machine learning in predictive maintenance within the oil and gas industry. For example, ML models have been employed to predict pump failures, optimize drilling operations, and improve pipeline integrity monitoring. These applications not only lead to significant financial savings but also enhance safety by reducing the risk of catastrophic failures. In conclusion, machine learning applications in predictive maintenance represent a crucial advancement for the oil and gas industry. By harnessing the power of data-driven insights, organizations can enhance operational efficiency, reduce costs, and ultimately drive sustainable growth. This review emphasizes the transformative potential of machine learning in predictive maintenance, establishing it as a key strategy for success in the ever-evolving oil and gas landscape.

Liquid-chromatography mass-spectrometry (LC-MS) is the established standard for analyzing the proteome in biological samples by identification and quantification of thousands of proteins. Machine learning (ML) promises to considerably improve the analysis of the resulting data, however, there is yet to be any tool that mediates the path from raw data to modern ML applications. More specifically, ML applications are currently hampered by three major limitations: (i) absence of balanced training data with large sample size; (ii) unclear definition of sufficiently information-rich data representations for e.g. peptide identification; (iii) lack of benchmarking of ML methods on specific LC-MS problems. We created the MS2AI pipeline that automates the process of gathering vast quantities of MS data for large-scale ML applications. The software retrieves raw data from either in-house sources or from the proteomics identifications database, PRIDE. Subsequently, the raw data are stored in a standardized format amenable for ML, encompassing MS1/MS2 spectra and peptide identifications. This tool bridges the gap between MS and AI, and to this effect we also present an ML application in the form of a convolutional neural network for the identification of oxidized peptides. An open-source implementation of the software can be found at https://gitlab.com/roettgerlab/ms2ai. Supplementary data are available at Bioinformatics online.

Applications of machine learning in metal-organic frameworks

Purpose Although there are studies analyzing barriers related to new technological concepts, it turns out that there are only a few studies on barriers to machine learning (ML) applications, and none of them consider the implications for smart logistics. Therefore, the purpose of this study is to reveal and analyze the barriers to ML applications in smart logistics from both industry and academic perspectives. Design/methodology/approach To achieve this aim, first, various barriers to smart logistics activities based on the Industry 4.0 perspective are identified. Later, the relative importance of these barriers critical to the success of smart logistics activities is determined. Finally, the interval-valued fuzzy (IVF) DEMATEL method is used to analyze the cause-and-effect relationship between each barrier based on industry and academic perspective. Findings Eleven barriers related to ML applications in smart logistics were evaluated by seven experts who are working in different positions. Results show that, the most crucial cause-and-effect barriers are integration and connection problems with value chain/network systems (B6), requirements of adapting new infrastructures (B11) and lack of transparency, safety and security (B3). Originality/value There is no study about determining barriers with merging smart logistics activities with the Industry 4.0 perspective. It is expected that the results of this study will contribute to the use of ML in the logistics sector by revealing significant concepts to which businesses should pay attention to prevent these barriers and by suggesting practical solutions to these problems.

This study investigates the scientific development of Artificial Intelligence (AI) and Machine Learning (ML) applications in Human Resource Management (HRM) through bibliometric analysis. To this end, 522 academic publications indexed in the Scopus database between 2020 and 2024 were analyzed using the R-based bibliometrix package and VOSviewer software. Descriptive analysis, scientific productivity metrics, and content analysis techniques were employed. The findings revealed three main patterns. First, research on AI and ML applications in HRM has grown significantly—particularly between 2022 and 2024—driven by post-pandemic digital transformation. Second, India, China, and the USA lead in research output, while the UK and France demonstrate strong citation impact, indicating a globally expanding research ecosystem. Third, the thematic focus of research is shifting from technical infrastructure toward more human-centered and ethical dimensions. Additionally, keyword co-occurrence network analysis identified three major thematic clusters: HRM functions, AI applications, and machine learning analytics, highlighting the field’s interdisciplinary nature. Compared to the previous studies, this research provides a more comprehensive bibliometric analysis of AI and ML applications in HRM. It is the first extensive study to map the intellectual evolution of the field from a multidisciplinary perspective. Furthermore, it charts research trends and collaboration networks, revealing a shift from technical implementations to strategic integration. In conclusion, this analysis offers new insights to the literature by illustrating the technological evolution in HRM and highlighting the growing significance of cutting-edge approaches such as AI and ML, reaffirming the field as a timely and impactful area of research.

With the rise of machine learning in various industries, the traditional manufacturing industry is facing a new disruption, which requires the use of different technologies and tools to achieve its production targets; In this regard, machine learning (ML) and data mining (DM) play a key role. This paper provides a statistical understanding of the main methods and algorithms used to improve manufacturing processes over the past 20 years by dividing them into four main themes: Scheduling, Monitoring, Quality and Failure, presents previous ML research and the latest advances in manufacturing, followed by a comprehensive discussion of existing problem solutions in manufacturing from multiple aspects, It includes tasks (i.e., clustering, classification, regression), algorithms (i.e., support vector machines, neural networks), learning types (i.e., ensemble learning, deep learning), and performance indicators (i.e., accuracy, mean absolute error). In addition, the main steps of database knowledge discovery (KDD) process that should be followed in manufacturing applications are described in detail, and the methods to overcome some problems and the advantages of machine learning applied to manufacturing industry are briefly described. Finally, the paper summarizes and further looks forward to the future development direction.