In today’s digital world, the data science field is more than just a flash in the pan; in fact, jobs in the data science field are expected to grow by a whopping 28% by the year 2026. More and more industries are employing data scientists and using their information to improve their businesses. Data science is essential to understanding the consumer, commerce flow, and companies’ functionality.
But what exactly is data science? Essentially, data scientists collect, store, analyze, and interpret every form of data possible (which varies by the industry, of course) and look for conclusions and new action methods. For example, a movie production company would use data science to determine the reception of its latest release. Data scientists will analyze the number of tickets sold and the amount of money collected to determine whether or not the latest flick is a success. The analysis can also go beyond just tracking finances; data scientists can determine what geographic regions sold the most tickets and what age groups saw the movie. This data is essential for this movie company so they can determine what the public likes and dislikes, informing the future of their movie-making decisions.
Data science is fundamental to so many different types of industries. If you’re a business owner, you may be interested in using data science to your advantage, but you don’t know where to start. Several companies, such as Cane Bay Partners, will serve as your business financial consultant and get you on the right track.
But how does Fintech come into play? Well, Fintech (short for financial technology) takes the information collected by the data scientists and takes it one step further. Fintech determines possible actions based on the data collected. In the simplest terms, Fintech automates and simplifies financial applications and transactions online. Data science is an essential component of Fintech because Fintech needs the raw data in order to simplify and streamline its processes.
You probably don’t realize it, but you most likely use Fintech every day! Every place you pay for something online uses Fintech. Online banking apps, payment services (such as Venmo and Cashapp), automatic investing services (like Robinhood and Acorns), and much more. Fintech makes it possible for financial institutions to serve their customers best; all of the data in their systems is analyzed and synthesized into usable solutions for the company and the consumer.
Data science is vital to the economy, business, and the lives of every consumer on the planet. Fintech and data science are essential elements of many different types of companies; if money is involved at any point, so is Fintech. Whether you’re a business owner or consumer, Fintech and data science have impacted how you make purchases, do bank transactions, and check up on your portfolios and investments. Understanding the purpose and usefulness of data science and Fintech is critical knowledge for business owners. Still, run-of-the-mill consumers would do well to brush up on it. The old saying goes, “money makes the world go round,” but in today’s climate, data science and Fintech are doing a great job.
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