Top 9 Data Science Use Cases in Banking
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Using data science in the banking industry is more than a trend, it has become a necessity to keep up with the competition. Banks have to realize that data scientist can help them focus their resources efficiently, make smarter decisions, and improve performance.
Here is a list of data science use cases in banking area which we have combined to give you an idea how can you work with your significant amounts of data and how to use it effectively.
Fraud detection
Managing customer data
Risk modelling for investment banks
Personalized marketing
Lifetime value prediction
Real-time and predictive analytics
Customer segmentation
Recommendation engines
Customer support
Conclusion
To gain competitive advantage, banks must acknowledge the crucial importance of data science, integrate it in their decision-making process, and develop strategies based on the actionable insights from their client’s data. Start with small manageable steps to incorporate Big Data analytics into your operating models, and be ahead of the competition.
This list of use cases can be expanded every day thanks to such a rapidly developing data science field and the ability to apply machine learning models to real data, gaining more and more accurate results. We will be grateful for your comments and your vision of additional possible options for using data science in banking.
Source:https://goo.gl/5sRQsX
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