Financial services

Transaction Monitoring

Banks use anomaly detection algorithms to flag suspicious transactions, such as unusually large withdrawals, transactions from unusual locations, or atypical spending patterns.

Credit Card Fraud Detection

Credit card companies employ anomaly detection to identify fraudulent transactions, such as transactions significantly deviating from the cardholder's usual spending behavior or transactions occurring in high-risk locations.

Investment Recommendations

Robo-advisors use recommender system to recommend investment options based on users' financial goals, risk tolerance, and the investment strategies of similar users.

Credit and Loan Recommendations

Banks and financial institutions can use recommender system to suggest credit cards, loans, and other financial products based on users' financial profiles and the behavior of similar customers.