The Data Scientist for FinTech is the professional who is dedicated to analyzing the data held by companies in the financial sector. To do this, he will collect a large amount of data, although he will usually have it already provided by his company or another client and will proceed to the phase of reprocessing and cleaning them. After this task, you will develop the predictive models with different techniques that vary depending on the objective. The final objective is to convert all this data into valuable information for the company, turning it into knowledge. This is a professional with great analytical skills, with advanced knowledge in big data and statistics, who also knows how the finance sector works. He also masters different data analysis tools such as Python or R. His goal is to extract value from data with the aim of launching new products that bring more value to customers and offer better profitability for the company.
The advantages brought by the use of big data to today's companies are expanding to all sectors. According to the latest report "Use of Artificial Intelligence and Big Data in Spanish companies", published by the National Observatory of Technology and Society, the use of this technology is increasing over the years, reaching almost 35% by large companies. Additionally, the global big data market will reach $103 billion by 2027, according to data from Statista. Singapore's UOB bank implemented a big data system to calculate the total risk of its assets, which has allowed such calculations, which used to take 18 hours, to take just a few minutes. Other companies, such as Spain's Caixabank, which has been using big data and artificial intelligence algorithms for years in various areas, recently reached a agreement with Google Cloud to continue driving innovation in data analytics in the coming years. Both the increase in information and the growth of technology within this sector will imply a growth in the demand for data scientists to interpret the data and draw conclusions.
The term fintech refers to the transformation that the financial sector is undergoing due to the use of new exponential technologies such as big data or artificial intelligence. Through these new types of technologies, companies in the financial sector are able to extract greater value from their data and even obtain new sources of information. This allows banks to offer financing options customized to the needs of each user, offer low-cost international transfer services, new contactless payment methods, or launch new applications that help users better manage their personal finances. Any company in the financial sector that wants to maintain its position in the market will have to adapt to this new digital revolution and, given the importance that big data will gain in this sector, it will be essential to have data scientists who are capable of drawing conclusions from the large amount of data that will be generated in the financial sector.
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