In the last years, the financial sector has seen an increase in the use of machine learning models in banking and insurance contexts. Advanced analytic teams in the financial community are implementing these models regularly. In this abstract, we analyses the limitations of machine learning methods, and then provides some suggestions on the choice of methods in financial applications. We refer the reader to the R libraries can be used to compute the Machine learning methods

JEL codes: C45, G00

Keywords: Financial Application, Machine learning, R software