DS for Financial Professionals
Warm Up
KYC
- Name
- Job Role
- Interest / Passion
- Why are you here?
- Honestly, what's on your mind?
About Me
4IR
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Where in your life have you observed the impact of
industrial revolution 4.0? -
How do you see the 4IR have an impact on the Financial Services sector?
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In your own
department / area , do you see any changes in the coming year? Alternatively, what changes would you like to effect? -
Let’s take a walk down imagination lane, what do you think the future will hold?
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https://www.zelenka-translations.com/blog/industry-4-0-the-next-industrial-revolution-is-at-the-door-are-you-ready
Financial Services Sector Brain Storm
- Come out with some work-based problems you would like to solve
- https://github.com/anthonyng2/FinTech-Problem-Statements
- Spend the next 10 – 15 minutes working with a group of 3 – 5
Discuss the Impact of Implementing Data in Organisation
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Eagle Alpha (Alternative Data for Asset Managers)
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Risk Analysis in the Finance Sector
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PwC Digital Services and Experience Design
3 Data Products You Need to Know
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Data used to Benchmark
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Data used for Recommendation systems
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Data used for Predictions
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Discussion: How can these data products be applied to Financial Services?
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Benchmark: Acxiom on Financial Services
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Recommendation systems: Private Banking
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Predictions: DBS
Data Scientist: The Sexiest Job of the 21st Century
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Read the article https://hbr.org/2012/10/data-scientist-the-sexiest-job-of-the-21st-century and answer the following questions
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How did Goldman approach his work?
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Was he welcomed? How did he overcome the obstacles?
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What are the traits of a Data Scientist?
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The first step in filling the need for data scientists, therefore, is to understand what they do in businesses. Then ask, What skills do they need? And what fields are those skills most readily found in?
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What is the aspiration of a data scientist?
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What do data scientist do?
McKinsey & Co.
Demo - AI
Microlending
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Source: https://bit.ly/2GzYwqh
MAS, IBF, E&Y Report of Future of Finance Jobs
Wealth Management Roles
- Focusing on redefining the entire customer experience leveraging AI and Advanced Analytics.
- Predictive analytics can be used to achieve better insights that engage customers
- AI-powered chatbots exist to provide basic support across digital platforms.
- Customer experience can be improved while driving real-time data processing, and greater efficiency can be achieved by reducing operational workload.
- Using Advanced Analytics and/or AI to improve business processes and support time-intensive analysis, facilitate repetitive generic enquiries as well as sales and advisory matters.
Wealth Management Roles
- Data interpretation and analysis skills
- Advanced digital acumen and literacy
- Learn to “work alongside robots and machines”
- Relationship between the human workforce and machines will shift from providing instructions to collaboration, and from perceiving it as a ‘tool’ to a ‘virtual colleague’.
- It calls for a combination of soft and technical skills: Soft skills (such as adaptability, collaboration and empathy) that bring an open mindedness of a human to establish a positive work relationship with the machine, and technical skills (such as automation management, systems thinking and technology design) that allow the human to guide the improvement of machines
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DS for Financial Professionals
By Anthony Ng
