dr. M.R. Machado (Marcos)

Assistant Professor

About Me

Marcos Machado is an Assistant Professor in Business and Information Systems at the Industrial Engineering and Business Information Systems (IEBIS) department section of the University of Twente. His current research interests are focused on the applications of machine learning algorithms, data science, and analytics to solve business problems.

He received his Ph.D. in Modelling and Computational Science from the Ontario Tech University (Canada), and he holds a MSc in Production Engineering from the University of Sao Paulo (Brazil) and a BSc in Mathematics from the Federal Institute of Education, Science, and Technology of Ceara (Brazil). He also has over seven years of experience working in the Brazilian and Canadian banking industries. 


Business & Economics
Financial Industry
Learning Algorithm
Machine Learning
Engineering & Materials Science
Learning Algorithms
Machine Learning


Medeiros, E. P. , Machado, M. R., de Freitas, E. D. G., da Silva, D. S., & de Souza, R. W. R. (2024). Applications of machine learning algorithms to support COVID-19 diagnosis using X-rays data information. Expert systems with applications, 238(Part B), Article 122029. Advance online publication. https://doi.org/10.1016/j.eswa.2023.122029
Machado, M. R., & Karray, S. (2022). Applying hybrid machine learning algorithms to assess customer risk-adjusted revenue in the financial industry. Electronic commerce research and applications, 56, Article 101202. Advance online publication. https://doi.org/10.1016/j.elerap.2022.101202
Machado, M. R., Karray, S., & De Sousa, I. T. (2019). LightGBM: An effective decision tree gradient boosting method to predict customer loyalty in the finance industry. In 14th International Conference on Computer Science and Education, ICCSE 2019 (pp. 1111-1116). Article 8845529 IEEE. https://doi.org/10.1109/ICCSE.2019.8845529
MacHado, M. R., Kenichi Fujii, M., De Oliveira Ribeiro, C., & Rego, E. E. (2019). An Agent-Based Model Applied to Brazilian Wind Energy Auctions. IEEE Latin America Transactions, 17(5), 865-874. Article 8891956. https://doi.org/10.1109/TLA.2019.8891956

UT Research Information System

Google Scholar Link


Teaching (Teacher/Tutor):

  • B-IEM/B-BIT (Module 3): Business Process Management (BPM)
  • M-BIT: Smart Industry Systems (SIS)
  • M-BIT: Applications of AI in Business (AAIB)
  • IBA (Minor): Enterprise Software for the Integration of Administrative Processes (ESIAP)

Teaching (Recurrent Guest Lectures):

  • M-BIT: Electronic Commerce (EC)
  • M-BIT: Information Systems for the Financial Services Industry (ISFSI)

Supervision of BSc thesis projects (1st or 2nd Supervision):

  • (Finished) Kristupas Raicevicius
  • (Finished) Tijmen Prins
  • (Finished) Giovanni Herbert
  • (Finished) Tom Frieling
  • (Finished) Nicole Busse
  • (Finished) Marcus Muller
  • (Finished) Zoelle van Bommel
  • (Finished) Simon Prinsen
  • (Finished) Emilio Solino Overmars
  • (Finished) Marnix Krikken
  • (Finished) Augustin Catalab
  • (Finished) Marcel de Roos
  • (Finished) Bjorn van Braak
  • (Finished) Jasper van Beurden
  • (Finished) Halyn Cho
  • (Finished) Pim Verheul
  • (Ongoing) Anton Tsankov
  • (Ongoing) Louis Daniel L. Fuentes
  • (Ongoing) Alexandru Matcov

Supervision of MSc thesis projects (1st or 2nd Supervision):

  • (Finished) Roel Bruins
  • (Finished) Daniel Chen
  • (Finished) Jaap Beltman
  • (Finished) Edo Belva Firmansyah
  • (Finished) Michael
  • (Finished) Raef Kazi
  • (Finished) Alessandra Amato
  • (Finished) Luca Kozian
  • (Finished) Lennart Boeringa
  • (Finished) Sonakashi Dhawan
  • (Ongoing) Douwe Rotink
  • (Ongoing) Michiel Jongenjan
  • (Ongoing) Jens Reil
  • (Ongoing) Dyon Kok
  • (Ongoing) Sebastian Goldmann
  • (Ongoing) Pedro Silva
  • (Ongoing) Arno de Vries
  • (Ongoing) Sherick Burggraaff
  • (Ongoing) Julius Kooistra
  • (Ongoing) Delaino Todorovic 
  • (Ongoing) Akhil Raja Keshetti 
  • (Ongoing) Abel van Raalte

Internship supervision:

  • (Finished) Alessandra Amato
  • (Finished) Nabila Pindya
  • (Ongoing) Oleg Silcenco
  • (Ongoing) Sophie Gaastra
  • (Ongoing) Akhil Raja Keshetti

Affiliated Study Programmes



Courses Academic Year  2023/2024

Courses in the current academic year are added at the moment they are finalised in the Osiris system. Therefore it is possible that the list is not yet complete for the whole academic year.

Courses Academic Year  2022/2023


My research projects involve using analytics, econometrics, applied statistics, and mathematics, data-driven methods, and machine-learning algorithms to solve business problems. Currently, with Jorg Osterrieder and Jos van Hillegersberg, Marcos Machado runs the research project "Artificial Intelligence (AI) in Finance" jointly with ING Group as part of the Kickstart AI initiative. In the ING Group (ING) - University of Twente (UT) Cooperation, we have been working on different topics:

  1. Applications of synthetic data generation for Finance
  2. Research on risk management-related topics
  3. Privacy-enhancing techniques for storing and analyzing confidential data
  4. Federated Learning
  5. Applications of Reinforcement Learning in Finance
  6. The value of innovation projects in Finance
  7. The use of the "meta labeling" technique (tailored to non-HFT strategies)
  8. Early warning systems for credit risk

Current Projects

Contact Details

Visiting Address

University of Twente
Faculty of Behavioural, Management and Social Sciences
Ravelijn (building no. 10), room 3105
Hallenweg 17
7522NH  Enschede
The Netherlands

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Mailing Address

University of Twente
Faculty of Behavioural, Management and Social Sciences
Ravelijn  3105
P.O. Box 217
7500 AE Enschede
The Netherlands

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