The current shift in emerging technologies is both a source of risk and an enabler for many institutions. As with any change, there are the typical discussions around better automation, performance and new functionality. Forward-thinking executives are exploring questions around what a digital operating model might look like for the risk and control function.
Data has a huge influence on the financial services industry. The volumes of data accumulated are so large that traditional evaluation and analysis methods are no longer suitable. Firms are recognising that big data technologies such as data science are the way forward. Using data science can help them focus their resources efficiently, make smarter decisions and improve performance. The deployment of data science techniques provides a huge opportunity for firms to stand out from the competition and reinvent their businesses.
Implementation of data science in an organisation requires a dedicated strategy to avoid subpar results and information overload. When done correctly, it can offer a competitive advantage, insights and new ways to tackle old problems.
- Data science: make smarter decisions and improve performance
- Data science use cases
- The trend towards data science
- How is Quantifi leveraging data science?