Summary: The Importance of Data Scientists in the Fintech Industry

Data scientists are critical to the success of many fintech firms, but the area is still relatively young and unproven. To stay up with new breakthroughs and adapt their skill sets accordingly, data scientists must always be learning. Some tech-savvy entrepreneurs are attempting to establish wholly new information services firms of data captured, managed, and analyzed utilizing FinTech data science.

There are many variables driving the “Big Data” (or “information services”) opportunity in FinTech, but two of the most important are the availability of vast new data sets and the advancement of technologies that enable machines to do much of the work previously performed by human analysts.

Data scientists in the fintech industry need to be well-versed in financial modelling, machine learning, data visualisation, and programming. They use these skills to help financial companies understand and predict customer behaviour, forecast future market trends, and detect fraud.

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