The following piece is co-written with our friends at Kabbage.
The application of computation and statistics to the real world has opened up an entire new paradigm. Named data science, it is in the process of transforming everything from media to business into more efficient and productive endeavors.
Nowhere has data science been more effective in creating change than the in the financial world. Data science has spawned an entirely new financial animal known as fintech. Fintech has radically altered the financial landscape by facilitating the application of big data and complex calculations to financial decision making. Accuracy and predictive ability has been drastically improved across the board by the use of data science in the field of financial decision making. At The Data Incubator, we work with hundreds of companies innovating in fintech and beyond who are looking to enroll their employees in our big data corporate training or hire data scientists who graduated from our fellowship. At Kabbage, we are dedicated to supporting the small business community and helping small business owners qualify for a line of credit in minutes with our fully automated online lending platform. Below are five applications of data science in Fintech.