You may never think about fintech and data science. In fact, you may not have even heard such terms before or, if you have, only in passing. Yet you probably use fintech and data science nearly every day of your life. Read on to find out how.
If you are going to understand how you use fintech and data science, then you need to know how to define those terms. Fintech, which is short for “financial technology,” refers to the use of modern technology in the realm of finance. Data science meshes perfectly with fintech because data science is all about gathering, processing, analyzing, classifying, storing, protecting and communicating data. Everyone creates data these days, so everyone relies on data science. Companies like Cane Bay Partners work to make finech and data science mesh smoothly by playing the role of consultant to help other companies use both to their advantage.
If you receive payments through payment companies or by direct deposit, then you use fintech and data science. Fintech allows your payments to be processed through technology and your money to arrive safely in your account while data science develops new ways to process your financial data and keep your money safe.
Most people do at least part of their shopping online these days, and fintech and data science play a huge role in that process. When you sign in to the website of your favorite store, browse through your account information, receive suggestions about products you might like, put items in your shopping cart and make purchases, you are using fintech and data science even if you don’t realize it.
Of course, you expect that your sensitive data, especially with regard to your finances, will remain secure. Identity theft is a scary possibility, so you rely on fintech companies and data scientists to work together and come up with ever more secure ways of protecting you. Indeed, that is exactly what these groups are committed to doing, so you can be confident about the safety of your money and your identity.
Data science and fintech also play a major role in tracking your credit. They both contribute to generating your credit report and credit scores, which allow you to monitor your financial health and show you where you need to improve.
Lenders also access your credit report and scores as well as your credit history to determine if you are a good risk for a loan or not. Again, fintech and data science are both heavily involved here because they both come into play to gather, store and present your financial data in a way lenders can easily access and use.
Indeed, fintech and data science are all around you every day, and you use them without even knowing it. Yet these two disciplines affect your life in many different ways, helping you gather, use and secure your financial data whenever you get paid, shop, check your credit or apply for a loan.