Data Science for Finance and Business

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Presentation transcript:

Data Science for Finance and Business How Data Science Has Impacted The Financial Industry Data Science for Finance and Business

Neal Kumar, CFA Co-Founder & CEO Quick Background Neal Kumar, CFA Co-Founder & CEO @cognitir Cognitir Copyright 2016 Cognitir LLC. All Rights Reserved.

Copyright 2016 Cognitir LLC. All Rights Reserved. Data – “Growth Spurt” 2.5 quintillion bytes Every day, we create 2.5 quintillion bytes of data — so much that 90% of the data in the world today has been created in the last two years alone. Source: IBM Copyright 2016 Cognitir LLC. All Rights Reserved.

Data Science Vs. Big Data Data Science is the art of extracting useful knowledge from data. Big Data refers to datasets that are too large for traditional systems to capture, store, manage, and analyze. Copyright 2016 Cognitir LLC. All Rights Reserved.

Copyright 2016 Cognitir LLC. All Rights Reserved. Relevance In fact, we are generating so much data that it’s physically impossible to store it all. Financial services sectors, including securities and investment services and banking, have the most digital data stored per firm on average. Source: McKinsey Global Institute Copyright 2016 Cognitir LLC. All Rights Reserved.

Relevance (cont’d) Source: McKinsey Global Institute

Copyright 2016 Cognitir LLC. All Rights Reserved. Relevance (cont’d) Source: McKinsey Global Institute Copyright 2016 Cognitir LLC. All Rights Reserved.

How can Data Science help us make better decisions? Data Science allows us to make decisions based on historical data rather than on a hunch. A traditional venture capitalist could select investments based on her experience and intuition. Or, using DDD, she could base her selection based on an analysis of past successful companies. Source: Data Science for Business, Provost & Fawcett Copyright 2016 Cognitir LLC. All Rights Reserved.

Data Science Methods – High-Level Overview Methods to learn a model generally fall into two groups: In supervised learning, we want to learn relationships between input (features) and output variables (target). If we don’t have a specific target, the learning problem is called unsupervised. Copyright 2016 Cognitir LLC. All Rights Reserved.

Data Science Methods – High-Level Overview (cont’d) Continuous Data Categorical Data Supervised Regression Classification Unsupervised Dimensionality Reduction Clustering Copyright 2016 Cognitir LLC. All Rights Reserved.

Applications in Finance, Fintech, and Economics Use of credit decision technology to provide access to credit for people with little or no credit history. “Banking the Underbanked” Source: kreditech.com Copyright 2016 Cognitir LLC. All Rights Reserved.

Applications in Finance, Fintech, and Economics (cont’d) Analysis of massive amounts of data to create unparalleled investment strategies. Open invite hack sessions where people around the world can submit trading algorithms and profit share if such algorithms are successful Copyright 2016 Cognitir LLC. All Rights Reserved.

Applications in Finance, Fintech, and Economics (cont’d) Robo-advisors are online wealth management services that provide automated, algorithm-based portfolio management advice. Angel and VC investors are utilizing data science to help improve odds that they are investing in winning ideas. Copyright 2016 Cognitir LLC. All Rights Reserved.

Applications in Finance, Fintech, and Economics (cont’d) FP&A and PE Portfolio companies are using data science to boost top lines and improve efficiency. Economic consulting firms and macroeconomic forecasting teams within companies and financial institutions use data science to help predict leading economic indicators. Copyright 2016 Cognitir LLC. All Rights Reserved.

Capturing the Full Potential of Big Data Source: McKinsey Global Institute Copyright 2016 Cognitir LLC. All Rights Reserved.

Copyright 2016 Cognitir LLC. All Rights Reserved. Building The Skills Data Science Statistics Machine Learning Software Engineering Domain Expertise Data Engineering Mathematics Copyright 2016 Cognitir LLC. All Rights Reserved.

Copyright 2016 Cognitir LLC. All Rights Reserved. Thank you! www.cognitir.com info@cognitir.com @cognitir Cognitir Copyright 2016 Cognitir LLC. All Rights Reserved.