Data science has long been a mainstay in the banking and finance industry. Today’s fintech companies leverage it for risk analysis and financial scoring, consumer analytics, real-time analytics, and algorithmic trading. Learn how artificial intelligence makes data science even more powerful — and fuels highly personalized customer service.
Unstructured data accounts for 80% of data stored by banks, yet this Big Data is typically restricted to mainframe computing systems that aren’t powerful enough to analyze and transform it into actionable insights. Traditional banking is left playing catchup with digital native fintechs that excel at data management and data science.
In addition to costing less than dated enterprise infrastructure, cloud solutions eliminate many data storage management challenges. In banking, cloud computing eases access to data for risk mitigation, deep learning, analytics, and regulatory reporting; it also helps surface anomalies that are critical risk management.