How Does Data Science Developer Help To Improve Banking & Finance Sector?

by Robert Smith Technology Expert

Data is the king; we have all been hearing this phrase many a time. It's a fact that most of the companies are now relying on data to strategize their business operations, thus ensuring that they are in sync with the demand of the public. When we talk about the application of Data Science, then one of the fields where it has been actively used is the Finance and the banking sector. Even before the word data science evolves, the finance sector had been using it. Before we go ahead and understand how data science developer can help in improving the banking and financial sector, let's have an understanding of what is data science and what does a data science developer do?

Data forms an integral part of any business operation, from education to retail to finance; the importance of data cannot be undermined. The process of delving through the data to decipher outcomes and predict future trends has a long history. With time, it has expanded, and with the surge of latest technologies like Big Data Analytics, Data Mining, Data Visualization, we have seen the surge of Data sciences.

Two aspects of Data Science, i.e., Data Mining, and Data Visualization. Both these domains are an interdisciplinary field of computer science having statistics, computing, mathematics and several technical processes including different methodologies.

Why there is a need for a Data Science Developer?

Owing to the rising use of data science in the banking and financial sector, there has been an increase in the demand of data science developers who can help in formulating strategies that can help the business grow. Many of the leading banking and financial institutions are now working towards hiring data scientists who can help their business grow and prevent fraudulent activities. Recently JP Morgan has planned to hire data scientists who can take care of the development of data models and patterns in electronic communication. Besides, Goldman Sachs also posted the requirement of data scientists who can help in identifying fraudulent activities. As per reports, many financial institutions like Citi Bank, HSBC, Deutsche bank along with the banks mentioned above are hiring more data scientists since 2015.

How is data science used in the banking and financial sector?

There are several applications of data science in the field of finance and banking; here is how it goes:

Risk analytics- One of the key areas where companies are using data science is that it helps in risk analytics. It helps in improvising strategic decisions and increase the trustworthiness of people in the banking sector.

Consumer Analytics- For any business, it is very important to provide a personalized experience to its customers. With the help of real-time analytics, the data scientist can have an understanding of consumer behavior and strategize accordingly.
Providing Personalized Services- Financial institutions are responsible for providing a personalized experience to their customers. They make use of different techniques to provide such services. In a phase of doing so, they make use of different techniques to provide the same. Data forms the core of it by studying this data; you can make provide personalized customer experience.
Fraud detection- Another major use of data science is fraud detection. With the growing number of frauds in transactions, there is a demand for tools that can keep a tab on the frauds and other such acts. With higher reliance on the digital platforms for different business operations, the financial and the banking sector are in dire need of companies that give the assurance of data security, lesser risk and safety. Data scientist developers work in preparing such modules which eventually help in preventing these acts.

The Future hence there is a growing demand for data science experts. Today you can find many colleges and online forums offering data science training and curriculum. Global Tech Council offers a course in Data Science. After completing this curriculum, you become a certified data scientist who can easily find a good job in the banking and financial sector. We cannot undermine the fact that there is a need for data experts and scientists who can understand how to use the information and channelize the same into useful results. Becoming a data scientist equips you with all the knowledge and information that eventually gives you the boost and right growth.