How Data Science and Fintech Affect Your Life

If you’re like many people, you might not think much about data science or fintech. Perhaps you haven’t even heard of them, yet they are active behind the scenes in many of your financial transactions. Therefore, it is beneficial to have at least a basic knowledge of the nature of data science and fintech and how they affect your life.

Data Science

Data science is all about gathering, processing, communicating, analyzing, storing and safeguarding data, and data is everywhere these days. Those who work with data are always seeking better ways to acquire it, report it, classify it, find meaningful patterns within it and secure it. These activities, indeed, are at the heart of data science, and there is no doubt about their importance. You likely create data in many ways every day, so you have a vested interest in the field of data science even if you have never realized it.

Fintech

You might agree that data science does indeed affect your life in many different ways, but you still may wonder about fintech. First, fintech is actually short for “financial technology.” If you think about it, you can probably identify many ways that finance and technology connect these days. Think, for instance, about the last time you checked your bank account online or made a purchase from an online store or used your cell phone to deposit a check. If you have done any of these things, you have used fintech even if you didn’t know it.

Data Science and Fintech Combined

With their focus of finance and technology, fintech companies desperately need the services of data science companies like Cane Bay Partners to keep their customers’ data organized and safe. These two disciplines combine to affect your life in numerous ways.

First, if you’ve ever worried about fraud on your credit or debit card, then you must turn to a combination of fintech and data science to keep your money safe. Data scientists look for suspicious patterns in transaction data that can alert fintech companies and banks to potential misuse and fraud. You definitely want those data scientists looking out for you!

Second, if you have ever gotten a credit report, you have relied upon the combined services of fintech and data science to outline your financial standing.

Third, if you’ve taken out a loan in the past few years, then your lender likely used a combination of fintech and data science to make sure you were a good financial risk and someone who could likely be trusted to make your payments on time.

Fourth, if you ever shop online, then you are relying on fintech to help you make your transactions and data science to keep your financial information secure. Data scientists are the ones who develop new ways to make sure that no one steals your credit card or accesses your bank account.

Fifth, if you have ever gotten paid by direct deposit or through payment companies, then you are using both fintech and data science to make sure that your money gets to you and not someone else.

Indeed, fintech and data science affect your life in many different ways, and now you know it.