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Data scientists in financial services to get big picture of the Analysis

Generally people think that the role of a data scientist is just to examine the relationships between diverse sets of data as well as the disparate systems, processes and locations which store them. But the role is actually mature across certain sectors like retail. With the help of this, Amazon, for e.g., is able to analyze the behavior across multiple accounts, and knows exactly when and why to push a certain product to a customer. But the case is somewhat different in financial services where the role is not properly organized. Though Big Data analytics is used across the retail banking industry from fraud and sanctions management to improving account management processes, analysis of Big Data provides the potential for banks to create new income streams and the sector as a whole is benefitted when it comes to deriving value from vast quantities of information. Thus financial services, in spite of having people with good skills to do modeling and statistical analysis, need people who are able to spot key trends and focuses on looking for the relationships between data across disparate sources. Once these two skills are combined, the financial sector will start to see the rise of data scientists in it like other industries. Read more at:

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Tuesday, 28 January 2020
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