The ideaTheory
A hundred thousand old customers
A bank has records of 100,000 previous customers: income, age, credit score, and whether each one repaid the loan.
Nobody writes a rule saying "decline below 600". Instead the machine reads all 100,000 rows and works out for itself which combinations of income, age and score ended badly.
Then a new applicant arrives with income 60,000, age 28 and score 700, and the machine answers. That is machine learning: the rule comes out of the data, not out of a manager's head.