APPLICATION OF DATA SCIENCE IN FINANCIAL AND OTHER INDUSTRIES

We are living in the era of the big data. The rapid development of scientific and data technology over the past decade has brought not only new and sophisticated analytical tools into financial and other industries, but also introduced the power of data science application in everyday strategic and operational management. Data analytics and science developments have been particularly valuable to financial organisations that heavily depend on financial information in their decision making processes. The article presents the research that focuses on the impact of the data and technology trends on decision making, particularly in finance industry. It covers an overview of the benefits associated with the decision analytics and the use of big data by financial organisations. The aim of the research is to highlight the areas of impact where the big data trends are creating disruptive changes to the way the finance industry traditionally operates. For example, we can see rapid changes to organisation structures, approach to competition and customer as well as the recognition of the importance of data analytics in strategic and tactical decision making. Investment in data analytics is no longer considered a luxury, but necessity, especially for the financial organisations in developing countries. Technology and data science are both forcing and enabling the financial industry to respond to transformative demands and adapt to rapidly changing market conditions in order to survive and thrive in highly competitive global environment. Financial companies operating in developing countries must develop strong understanding of datarelated trends and impacts as well as opportunities. This knowledge should not only be utilised for survival efforts, but also seen as the opportunity to engage at global level through innovation, flexibility, and early adoption of data science benefits. The paper also recommends further studies in related areas, which would provide additional value and awareness to the organisations that are considering their participation in the global data and analytical trends.