Fintech, short-hand for financial technology, has been growing with popularity rapidly. Technological advances have exploded over the years, including in the financial realm. Here is what you need to know about fintech.
What Is Fintech, Really?
Fintech is an area of technology that focuses on finance. This could mean apps for mobile banking, blockchains, and artificial intelligence. Some of the advances that can be found include using artificial intelligence for financial customer support and using blockchain technologies for cryptocurrency. A huge range of what is considered fintech exists, but you should know that most things that marry financial services with technological advances are included. Fintech has most likely become a regular part of your life and will continue to do so, with new advancements in this technological arena happening all of the time. Businesses, such as fintech consulting firm Cane Bay Partners, seek to help other financial companies really hone in on improving their financial products.
Where Does Data Science Come In?
Data science can be a confusing field. In simple terms, this science involves looking at large amounts of statistical data to find actionable information that can be used for progress. Data science can be used in so many different fields, from business management to retail applications, and its analytics can be especially helpful for fintech companies. When it comes to fintech, data science is a perfect partner because it allows for rapid problem-solving, anticipating questions and accurately giving information to both companies and technology users. The professionals at Cane Bay Partners also suggest that data science could improve the future of lending by looking at more factors than just a traditional credit score.
Who Are The Professionals?
While fintech is not a new concept, it has been escalating in advancement over the years, like all areas of technology. You may be familiar with many aspects of fintech, including being able to see your credit score online, having an app for investments, and using artificial intelligence bots to answer your questions. There are many people involved in fintech, working for financial institutions and start-ups. For example, risk analysts are professionals who weigh the risks of certain business decisions for a company. Risk analysts can use data science to examine a business’s profit margins for potential problems that may occur. Other types of fintech job types may include app developers, blockchain specialists and project managers.
What Is Next?
Industries, such as fintech and data science, will most likely continue to see rapid growth as reliance on technology becomes more commonplace and solutions to financial problems are sought out. As the world looks for innovative ways to expand on the financial industry, advancements in these areas will increase. You can expect to continue to see more options for app-based financial tools, more use of artificial intelligence when interacting with customer service interfaces and perhaps even a shake-up of older financial systems, such as credit scores.
Fintech and data science may be complicated subjects, but these areas of focus are growing more commonplace in everyday life and are concepts that you would be wise to become familiar with.