Data scientists are a new name for the very intelligent people who analyze data. The have been referred to in the past as data analysts and are great demand. As companies continue to integrate the use of big data in their business, the more they need data scientists to analyze the data and find the patterns that will help these companies make faster, more informed decisions.
Banks are the new kids on the block and are desperately seeking Big Data Scientists to help them understand all of the data that is flooding their databases. Although the majority of companies use Big Data for the same thing; to analyze patterns and predict future trends, banks are going down two different paths.
Banks like Capitol One are hiring Data Scientists to apply technology that will help point out the big opportunities to help customers save time and money. Goldman Sachs is using Big Data Scientists as security guards. Goldman Sachs has a surveillance program that searches for insider trading and market manipulations. They want Data Scientists to screen their program for any potential dangerous behaviors their program is missing.
No matter which path banks take, the commitment to use Big Data will change the way banks interact with their customers. There will be more strategic advertising geared towards individuals and more fine print explaining what the banks will do with their customers’ very personal information.
Banks are not the first to mass hire data scientists, they are actually pretty late in the game. With the rise in demand for data scientists, we can only hope companies are hiring people who know what they are doing.