as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
identify the difference between statistical modeling and machine learning.
user
the main difference between statistical modeling and machine learning is that statistical modeling is based on manual feature engineering, while machine learning is focused on automated feature engineering. in addition, statistical models are typically reliant on assumptions that are imported by a human, while machine learning emphasizes learning from data.
assistant