Data science is transforming the fields of finance and accounting by automating many routine tasks through algorithms while also creating jobs that require more technical skills. Data scientists are helping financial institutions gain valuable customer insights from analyzing transaction data to improve services, detect fraud, and increase regulatory compliance. By building comprehensive customer profiles, data science allows banks to better understand customer preferences and reduce costs through more efficient processes. The growing use of data science and artificial intelligence is fundamentally changing the banking industry.

1. FINANCE
IMPACT OF DATA SCIENCE ON

2. THE FUTURE OF
ACCOUNTING &
FINANCE
Various technologies employing Data
Science are going to lead to a
hollowing out of the field where many
tasks are much easier (executed
perhaps by the CFO’s administrative
assistant) and others will require more
mathematical, technical, and people
skills.
The changes will be so profound that
they will blur traditional lines
between Finance and Accounting and
Data Science.

3. WHY FINANCIAL INSTITUTIONS NEED DATA SCIENTISTS?
Data science is the
secret to success for
gaining data-rich-
insights providing
financial institutions
with opportunities to
cross-sell, upsurge
business results on a
systematic basis and
delight customers.
Most of the large US-based
financial institutions are using
data science algorithms to
understand customers in a better
way by analyzing different
channels customers use - such as
ATM’s, offline bank branches,
mobile apps.
Banks will increasingly
depend on data scientists
for regulatory compliance,
operational efficiency and
fraud detection.

4. HOW DATA
SCIENCE
HELPS
BANKS?
Add great value
Reduces the bottom
line costs.
Data science can add great value to
financial institutions by helping
them find attributes and patterns
which have increased probability
for fraud.
All the transaction records go
through a decision management
process where various Behavioural
Scoring Techniques are applied to
find out whether to float a check
and for how long.
Ensures customer
satisfaction
Data science helps banks build a
360 view of its customer by
aggregating cross-lob and external
third party data that helps
financial institutions serve their
customer in their preferred way.

5. Data science is going to have a great impact on banking. The same
can be said for Finance, Health Care, or Big Pharma.
Most businesses have recognized the significance of Data Science.
The need for Data Scientists has grown exponentially to the point
that they’re getting rather hard to come by in this economy.
AI use cases in finance could help assure that the banking
institution increases the likelihood of keeping a good customer,
and reduces the chance of significant loss due to bankruptcy.
PREDICTING
THE FUTURE

6. THAT ENDS THE
SLIDESHARE!
w w w . s l i d e s h a r e . n e t / T y r o n e S y s t e m s
S U B S C R I B E
N O W !