Financial services firms lose an estimated
$20 billion annually to fraud. How can this
industry leverage big data — and the data
science team — to help manage risk and
deter fraud in the future?
An enormous amount of valuable information is out there— waiting
to be transformed into mission-driving insights. But to excavate
those insights, we must first assemble the right data science team.
The right data science teams blend the technical expertise of
computer scientists and mathematicians and statisticians with a
critically-important, but overlooked, element— domain knowledge.
The result: organizational collaboration and vision into the most
important business problems or trends that data can reveal.
DA B U I
TA L D Y O E
Apply the Scientific Method
& New Technologies
Diversity of Data
The scientific method— observe, question,
hypothesize, test, and analyze — is the
foundation of an emerging discipline —
data science— to create value from data.
This analysis and creativity is ultimately
enabled by the team’s ability to rely on
elements of machine learning and statistics
to search the data, empowering the data
science team to interpret the results.
The ability to fuse disparate, seemingly
unrelated data— like financial transaction
information, payment records and exchange
rates — can produce an entirely new level
of insight and direction.
Rotating the team’s domain
specialists every six to nine months
builds a stronger understanding of
the mission organization-wide.
The data science team — particularly
the domain experts, because of their
versatile skill-set, plays a pivotal role
in translating the unlocked insight into
actionable intelligence for smarter,
data-driven decision making.