Data Science in Finance

Article published on January 10, 2021

Summary of Article

The financial services industry finds itself among the ever growing list of fields looking to benefit from data science. Rohit Sharma article identifies the “top seven use cases” of data science in finance as “risk analytics, real-time analytics, consumer analytics, customer data management, personalized services, financial fraud detection, and algorithmic trading.” A couple of these use cases, such as customer data management and personalized services, are frequently seen in other fields as well. Not only is it important for financial institutions to understand their customer’s behavior but also for Netflix, Apple, Costco, and more. On the other hand, services like financial fraud detection and algorithmic trading are highly specific. They ensure the financial institution can effectively protect its assets from malicious attacks and gain an edge over their competitors respectively.

Evaluation

The quality of Rohit Sharma’s analysis of the different use cases of data science in finance varies significantly. Financial fraud detection, for example, has concrete examples of the how big data analysis identify and prevent fraud against financial institutions. Consumer analytics, on the other hand, seems sparse with only one reference to how insurance companies may implement data science. By including more information and examples in smaller sections, Sharma could present an even more convincing argument.

Related Links

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Deep Dives

Content related to topics mentioned in this article.

1. Risk analytics enters its prime
2. Detecting Financial Fraud Using Machine Learning
3. Basics of Algorithmic Trading: Concepts and Examples

Other Articles by Rohit Sharma

Rohit Sharma is the Program Director for the UpGrad-IIIT Bangalore, PG Diploma Data Analytics Program.

Rohit Sharma

1. Business Analytics vs. Data Analytics
2. Data Science Process: Understanding, Data Collection, Modelling, Deployment & Verification
3. Why is Data Science Important? 8 Ways Data Science Brings Value to the Business
4. Top Python Database Projects For Beginners

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