Data Science Definition
Who are Data Scientists? Data scientists are the go-to people for big data projects in banking, finance and insurance. They work on the front lines of financial services and help companies gain a competitive edge by incorporating data into their business models. This can mean helping companies manage risk or identifying new opportunities by analyzing data that hasn’t been collected in the past. In this blog, we’ll look at what it takes to become a data scientist and how you can start your career in this field today! Data Science Data science is a unique combination of computer science, mathematics and statistics. It has been in demand from the BFSI sector for years now as more and more businesses have realized the importance and value of data for their growth plans. While data scientists have begun to emerge in science parks, BIGDATA and open innovation platforms, it’s still a name many people aren’t familiar with. Who are Data Scientists? Data scientists are people who deal with numbers in an everyday manner. They must process complex data into manageable pieces that normal human beings can understand. This is done by applying mathematics, statistics and computer programming skills. They may need to use different tools such as SQL databases, spreadsheets, and graphics. However, there are different kinds of data scientists – investment bankers use data experts to crunch numbers on stocks and bonds; e-commerce companies may hire big data analysts to work with customer behavior; pharmaceutical companies may hire statisticians or quantitative analysts for their research projects; and marketing firms hire market researchers who study consumer behavior based on online sales patterns. What does a data scientist do? What are the daily tasks of a financial data scientist now that we have a general understanding of how data science in the finance industry developed (and why it is so crucial)? In fact, these are often very wide. Several versions exist based on the industry they work in. These are in the areas of: Risk Management Pricing Automation Algorithmic trading Fraud Detection Customer experience Consumer analytics What does a financial Data Scientist do? An expert in financial data science uses data science methods to analyze pertinent customer and financial data. Data from hedge funds, financial technology, investment banking, and retail banking may be gathered by them. Scientists develop statistical analysis and financial model tools to assess and comprehend data. They use this information to back their recommendations for financial choices and their suggestions for novel trials, projects, or products. Responsibilities of Data Scientist in BFSI Applying machine learning to identify transactional irregularities to help with fraud detection Creating risk models that aid banks and other organizations in assessing the possible risk of a candidate or investment Helping to create tailored experiences that will enhance the user experience for customers Finding possibilities to boost efficiency and reduce expenses Taking data out of databases Constructing dashboards for stakeholders to display data findings Strategic data gathering, complicated data infrastructure architecture, engineering, and documentation The cohesion of unstructured and semi-structured data using data modeling approaches Analyzing unstructured and semi-structured data using computer vision and natural language processing (NLP) Collaborating with various teams to identify issues and develop data-driven solutions to these issues Utilizing quantitative analysis to gain insights, transforming them into implementable solutions, and then integrating them successfully (while measuring outcomes) Leveraging existing data to train machine learning models and developing prototype systems to test novel ideas To assist in managing the data analytics and machine learning processes, developing and coding unique algorithms from the start Maintaining clear lines of communication with various corporate departments and coaching less experienced employees How to become a data scientist in the BFSI sector? – Guide The role of a data scientist in BFSI is to help businesses make decisions based on data. Data scientists are responsible for analyzing data and coming up with conclusions, as well as recommending solutions for companies. The best way to become a data scientist is through training with the top data science certifications, where you can learn about advanced statistics, programming languages, and other skills needed for the job. Once you’ve completed your training, it’s important to understand the business side of things. This will allow you to work in teams with other professionals working on projects related to the company’s needs. However, it’s best you have experience working with people from multiple departments or backgrounds so that you can understand how things get done at your workplace. The Data Scientist ecosystem is currently in the boom. There are more jobs and opportunities than ever for data scientists. Data Scientists have great job satisfaction in terms of salary and work-life balance. The work is challenging as well as rewarding both intellectually and financially. Prerequisites To Become Data Scientist Next, what education and training are required to work as a data scientist in the banking sector? Thankfully, there are numerous entrances to the field. Starting out as a data analyst and moving up the job ladder while gaining new abilities is certainly doable. It’s a good idea to have a backup plan, just in case. A degree or equivalent qualification in mathematics, statistics, computer science, or a similar field (preferably a Master’s or PhD) A thorough knowledge of the finance industry, including its regulations, at least for the specific field you’ll be working in, such as risk assessment or insurance claims Knowledge of various general data science technologies, including deep learning, data analytics, natural language processing, and machine learning techniques One needs theoretical knowledge and practical expertise to develop original statistical models. Working knowledge of big data technologies, such as clustered computing systems like Apache Spark, Hadoop, etc Knowledge of multiple programming languages, particularly Python and R, and others depending on your area of interest (e.g., JavaScript, C++) An awareness of and proficiency with unstructured or semi-structured datasets Familiarity with important financial sector systems like SAP, Oracle, SWIFT, etc Possible Data Scientist Job roles in BFSI Sector There are many different jobs that fall under