How to Build a Successful Data Analytics Career in Finance and Banking?
Analytics does play a significant role when it comes to important financial service domains, there is a variety of different analysis based software and tools out there that are being used for claim processing, credit scoring, hedging, and portfolio analysis and customer analytics to name a few. Building different models for credit scoring to identify fraudulent customers, identifying cross-sell and up-sell opportunities are a few opportunities that lie within the finance and banking section and all of it requires training and professional score in data analysis.
Why there is a growing need for data analytics?
Data has enabled us to create a better and fiercer infrastructure to calculate assets, process financial information, and help in devising insights for future predictions. It helps organizations and businesses to do better and become an even greater version of themselves. But as the fact goes, data has an enormous worth when it comes to the financial institutions and banks. Finance related departments keep the capital in hands of the businesses so they can effectively run their operations and banks are there for calculating assets and wealth generation.
Both of these enterprises work hand in hand to create a better and more feasible picture of the future. Dealing constantly with the same factor that is data the finance and the banks overlap each other. Applying data analytics to the financial data for the finance departments as well as banks open up new opportunities and insights that can help them to grow better and increase their overall performance.
There is an ever-increasing demand for analytical professionals within the banking and finance-related enterprises. Thus the application of the data analytics to both the finance and banking systems is rewarding, crucial, and extremely profitable, the jobs within this sector offer better payments and increased set of opportunities. Practical application of the analytics with business issues is an imperative skill that every data analyst must-have. It requires the understanding of the business problems that it is driving, appropriate analysis solutions, and expected business benefits and flawless implementation of the core data analytics principals must be present.
What that means is that a professional working for a business or working for the finance or banking systems must have the dedicated knowledge of the business side while customizing the analytical solutions that the business requires in real-time. So, you must know the business side, the technological side, and then be able to merge the two by finding a middle ground for yourself.
If you think that data analytics jobs are not that much or the opportunity is simply lacking then you must know that with data analytics becoming the core element for the business sector and by playing a key role in the decision-making process the number of jobs will double in a short time and analytical skills would be even more sought after than ever.
Financial analyst vs data analyst
As you have come so far already, you must know the difference between these two, upfront. Financial analysts use the finical data to explore the trends that are current and then crunching the numbers even further can help you with dedicated extraction of insight from the data and predicting the future outcomes related to the business.
This way these will be helping the business institution to make some of the best investment related decisions. Businesses do rely on these professionals to fill them in with everything that is going on, what are the current trends on the stocks, where the forex market will turn, and whether or not it is a good time to turn their attention towards the real estate business. All of these real-time data is being supplied by these professionals to the business owners so that they can have a great win out of it.
Data analysts on the other hand do perform a similar role, the primary difference between the two is that the outcomes a professional data analyst is going to dig up might or might not relate to the investing decisions.
Read more: Data Analyst Interview Q&As: How to Nail Your First Interview
A data analyst might get into studying the data depicting the current salary or wages being given to the employees, profits that the company is making, and then cross-referencing the two to find the balance or the overall productivity the company/business is showing. There is nothing related to investing here whatsoever. So, ultimately any piece of business data that can be taken into account and be run to make a business decision is potentially a domain for the data analyst.
Data analysts might not be as focused as the financial analysts are when it comes to studying the market specifically for investing but they are more up to date and current with the investing practice of today.
If you want to pursue data analysis as a full-time career then it is suggested that you join the data analysis boot camp right away as it will broaden your options and the opportunities that you will run into moving forward.
Talk to our experts for guidance and career counselling in data science and analytics.