Covid-19 highlighted machine learning model limits – BoE research
Economic downturn could not have been forecast on the basis of data alone, BoE says
Covid-19 has had a negative impact on machine learning model performance at over a third of banks in the UK, the Bank of England has found.
The BoE conducted a survey of 32 UK banks in August 2020 to understand the impact of the pandemic on their machine learning models and use of data science.
While machine learning models have proven useful for anti-money laundering processes and financial inclusion, they tend to underperform when applied to situations which have not been encountered before
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