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Piecing Together the Data Scientist Puzzle Across Financial Services
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Byurcan
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Byurcan,
User Rank: Author
7/9/2014 | 9:32:30 AM
re: Piecing Together the Data Scientist Puzzle Across Financial Services
You make a good point, Calvin about silos. As you say, no matter how great a data scientist is, breaking down the different silos that have built up over decades is an enterprise-wide issue.
CalvinL074
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CalvinL074,
User Rank: Apprentice
7/3/2014 | 4:49:54 PM
re: Piecing Together the Data Scientist Puzzle Across Financial Services
I think the lead data analytics specialists will easily pivot towards finding novel interrelationships across the mid/back office data stack. IF that data stack is useable in a valid way. This is where I think the real problem lies in that novel interrelationships are considered a much lower priority use of data and therefore silo'd data cubes with very specific business logic make an interoperable stack a distant dream.

It is also not a data scientist's job to break down silos, (re)write corporate data dictionaries or shift the larger culture. Surely that person is an advocate but at the end of the day they are a data power user not an information manager.

But does anyone have this role? Many do not have this partly because the downstream benefit is obscure and hard to intuitively validate. It is also partly because a role like this requires shaking things up a bit and that comes with all the discomfort of the things Kathy B mentions; turf, power, etc
KBurger
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KBurger,
User Rank: Strategist
7/3/2014 | 1:49:00 PM
re: Piecing Together the Data Scientist Puzzle Across Financial Services
Really good insights here, Dev. I think there also are some broader issues involved here about corporate structures, reporting lines and culture, as well. While as you say there aren't many Chief Scientists in financial services, we are seeing proliferation of a lot of other new C titles, most of which involve data and analytics in some way: Customer Experience Officer, Innovation Officer, Digital Officer, etc. Sometimes that's part of marketing, sometimes part of IT, sometimes independent; sometimes reporting to the CEO, sometimes reporting to someone else. So then there probably arise issues of turf, power, deliverables, etc. The idea, as you suggest, has to be around "what do we need to do to make meaningful use of our data to retain customers, grow business, manage risk and meet compliance requirements?" -- not around jumping on the latest title bandwagon.


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