Data science has performed great services
Through the record of your transfers and bank transactions the model or algorithms can determine whether there is something unusual happening a transfer process or abnormal activity and thus it can deal with and prevent this fraud. b Risk modeling or management When dealing with billions and trillions of dollars there must be strong models for forecasting and risk management because any loss will be very costly and painful for the bank and also because any profit will constitute a big step forward for this bank especially if its investment in it is large.Banks are now using intelligent computer models capable of assessing risks and through them the decision is made to make this investment or not or whether the bank will give the owner of this project money or not and this is according to the abu Belgium WhatsApp Number Data ndant data about the project’s performance and the performance of similar projects and the economic factors that must be taken into account in Account. C Segmenting customers and determining Customer Lifetime Value Through the extensive data they collect from their customers banks can divide them into segments according to behavior personal characteristics spending patterns income rates and other classifications with the aim of targeting them with the services appropriate to them and developing the services periodically which will help strengthen the relationship between them and the bank.
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The use of data science through predictive models also helps determine the return from customers specifically the value of the customer over his lifetime or the duration of his dealings with the banking institution in order to achieve the greatest possible profits from him. Read also What is Data Analysis in a simplified explanation Third applications of data science in the financial sector Data science in the financial sectorfor the financial sector in general from facilitating the automation of most of its routine operations to developing fraud detection methods and various financial risk management and forecasting systems.
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