How Big Data is Transforming The Landscape of The Financial Industry

The days of the picturesque accountant hovering over an adding machine are long gone. And, by the looks of it, the duties of the modern-day accountant may soon be taken over as well. With advanced technology comes more conventional methods. So, what is the technology that is finding its way into nearly every financial services sector and transforming the whole industry? Big data is effectively consuming some current financial duties while defining others — reinventing the classical role of an accountant into a more modernized player, relying on analytics to more accurately perform financial operations. Almost all financial duties involve data in one way or another, so it’s only logical to implement big data sciences into the mass amount of financial data a company produces daily. Read below to find out the ways that big data is playing a pivotal role in transforming the financial services landscape. Trading and Investing. The hustle and bustle of wall street buyers and sellers is nothing compared to what machine learning can do. Machine learning can look far beyond just analyzing the buying and selling prices to determine the best stock options for you or a company. It can take into account social and political trends and can even consider trending companies and buzzwords on social media to make very current decisions on said stock options. Furthermore, machine learning can make these decisions in real-time — something that is impossible for a human. Humans will, however, have to step in to compile and evaluate this data. In this way, big data is creating less of a role for a typical investor, but more of a data analyst position.