The bygone days of broker-led trading are pretty much a thing of history as technology rises to be the sole determiner of market trends. Innovation in 2020 and beyond is purely technology-based, showing a clear indication that technology cannot be avoided in any industry whatsoever.
When it comes to Wall Street, financial analytics is everything. It is the only thing that can foresee the future of trading and make such accurate stock market predictions. Data science is the future of Wall Street, and here’s why.
Only Data Scientists Can Make Predictions
Tech-driven financial science has actually been around since the 1980s, but only in today’s society is it applied as a necessary standard across all Wall Street industries.
Data science is simply that: the ability to find the most minuscule and detailed amounts of data like never before. Data mining is a powerful tool that allows technology pros to uncover secrets, strategies, and insights that would otherwise go undetected.
Data scientists are valuable because of the advanced employments in:
- Trading strategies
- Data mining
- Pattern recognition
- Asset management
Financial analysis is no longer just something for accountants and CFOs to worry about.
Security and Protections
There’s another invaluable skill that professional data scientists bring to the table: cybersecurity. With assets being traded online and through cyberspace, and with hackers getting more and more emboldened, it is utterly imperative to have a strong form of financial security in place.
Banking industries consider cybersecurity to be the biggest priority above all else. Not only is it important for the money and assets to be protected, but private and personal information stored by companies as well.
It is becoming increasingly difficult to find an individual who doesn’t engage in some level of mobile banking. While most people have their bank’s app on their smartphones, others use the Internet to manage their financial accounts and pay bills.
The world has seen an enormous shift towards mobile banking over the years, and data scientists are needed to protect each user and prevent risk. Data scientists also come up with back-end methods for mitigating risk and create other proactive measures to protect accounts before hackers have a chance to lay waste. Obviously you’re interested in reading more about similar topics like these, you should go to this website where they go much more in-depth about wall street and how analysts and data scientists help institutions invest in the right markets.
Fraud is the scariest f-word on Wall Street, and before the advent of data science and technological protection, it was all-too-easy for credit or personal fraud to occur.
Data analysts and scientists offer new ways to detect misconduct or discover potential fraud happening in their accounts. FDA, or forensic data analytics, measures financial statement fraud and alerts all necessary parties of this activity so the damage can be mitigated as quickly and smoothly as possible.
The Data Scientist’s Salary
Data scientists can make anywhere from hundreds of thousands of dollars to a few million dollars per year, depending on the type of employment desired. It is possible to move up the ranks to manage full teams of data scientists and analysts who are trusted to protect financial assets and discover the best ways to make money. This is a job position that is always in high demand and will continue to be important as Wall Street becomes more and more reliant upon technology.