Impact of data science on Finance
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Data science is transforming the fields of finance and accounting by automating many routine tasks through algorithms while also creating jobs that require more technical skills. Data scientists are helping financial institutions gain valuable customer insights from analyzing transaction data to improve services, detect fraud, and increase regulatory compliance. By building comprehensive customer profiles, data science allows banks to better understand customer preferences and reduce costs through more efficient processes. The growing use of data science and artificial intelligence is fundamentally changing the banking industry.
Impact of data science on Finance
- 1. FINANCE IMPACT OF DATA SCIENCE ON
- 2. THE FUTURE OF ACCOUNTING & FINANCE Various technologies employing Data Science are going to lead to a hollowing out of the field where many tasks are much easier (executed perhaps by the CFO’s administrative assistant) and others will require more mathematical, technical, and people skills. The changes will be so profound that they will blur traditional lines between Finance and Accounting and Data Science.
- 3. WHY FINANCIAL INSTITUTIONS NEED DATA SCIENTISTS? Data science is the secret to success for gaining data-rich- insights providing financial institutions with opportunities to cross-sell, upsurge business results on a systematic basis and delight customers. Most of the large US-based financial institutions are using data science algorithms to understand customers in a better way by analyzing different channels customers use - such as ATM’s, offline bank branches, mobile apps. Banks will increasingly depend on data scientists for regulatory compliance, operational efficiency and fraud detection.
- 4. HOW DATA SCIENCE HELPS BANKS? Add great value Reduces the bottom line costs. Data science can add great value to financial institutions by helping them find attributes and patterns which have increased probability for fraud. All the transaction records go through a decision management process where various Behavioural Scoring Techniques are applied to find out whether to float a check and for how long. Ensures customer satisfaction Data science helps banks build a 360 view of its customer by aggregating cross-lob and external third party data that helps financial institutions serve their customer in their preferred way.
- 5. Data science is going to have a great impact on banking. The same can be said for Finance, Health Care, or Big Pharma. Most businesses have recognized the significance of Data Science. The need for Data Scientists has grown exponentially to the point that they’re getting rather hard to come by in this economy. AI use cases in finance could help assure that the banking institution increases the likelihood of keeping a good customer, and reduces the chance of significant loss due to bankruptcy. PREDICTING THE FUTURE
- 6. THAT ENDS THE SLIDESHARE! w w w . s l i d e s h a r e . n e t / T y r o n e S y s t e m s S U B S C R I B E N O W !