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Five Key Applications of Data Science in the Banking Sector
Lending: The advent of online lending shifted loan decisions from local to data-driven, primarily relying on FICO scores and credit bureau data
Fraud detection: Data science helps banks sift through vast transaction data, flagging unusual activity indicative of fraud
Cybersecurity: It more sense to monitor IP addresses and numbers of requests being made over a banking network
Customer analytics: Many banks use data science to predict what customers will want and need
Virtual assistants: Big banks, including Bank of America, Wells Fargo, and U.S. Bank, have virtual assistants aiding customer queries
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