- What is Data Science ?
Data science is a multidisciplinary blend of data inference, algorithm development, and technology in order to solve analytically complex problems.
- What is Data Science used for ?
Banking is one of the biggest applications of Data Science. Big Data and Data Science have enabled banks to keep up with the competition. With Data Science, banks can manage their resources efficiently, furthermore, banks can make smarter decisions through fraud detection, management of customer data, risk modeling, real-time predictive analytics, customer segmentation, etc.
Data Science has played a key role in automating various financial tasks. Just like how banks have automated risk analytics, finance industries have also used data science for this task. Financial industries need to automate risk analytics in order to carry out strategic decisions for the company. Using machine learning, they identify, monitor and prioritize the risks. These machine learning algorithms enhance cost efficiency and model sustainability through training on the massively available customer data. Similarly, financial institutions use machine learning for predictive analytics. It allows the companies to predict customer lifetime value and their stock market moves.