Abstract
Data complexity, which is constantly increasing as part of digitalization, is also challenging the financial sector. So far, manual case processing and (simple) statistical models have quickly reached their limits, so the use of new technologies seems inevitable. In addition to the analysis of statistical relationships from key figures in order to identify trends, text and language analysis in particular is an essential component. After a brief overview of different examples, this chapter of the book first presents the current state of research and general fields of application of machine learning in the financial sector. Subsequently, the methodology and implementation of text analysis is explained in detail and its benefits for research and practice is discussed.
You may not get rich by using all the available information, but you surely will become poor if you don’t.
Jack Treynor, former editor of the CFA Institute’s Financial Analysts Journal
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Breuer, W., Haake, A., Hass, M., Sachsenhausen, E. (2023). Silence is Silver, Speech is Gold: The Benefits of Machine Learning and Text Analysis in the Financial Sector. In: Trauth, D., Bergs, T., Prinz, W. (eds) The Monetization of Technical Data. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-66509-1_5
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DOI: https://doi.org/10.1007/978-3-662-66509-1_5
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