by Angela Guess

Mike Weston recently wrote in Dataconomy, “Many people still don’t realise how much data science touches their everyday lives, from Amazon recommendations to the algorithms powering their Uber app. With adoption of data science up across most business verticals, it’s natural to wonder how the sector will develop in 2016. My gut feeling is that it will be the year data science proves its worth on a spectacular scale. Many of the systems in financial institutions are underpinned by data science. Indeed, the financial industry is one of the pioneers of data science techniques. Nevertheless, the adoption of data science has been far from uniform across all banking services. In 2016 I expect this picture to change. Better use of data and personalisation of services will move from the financial markets to retail banking.”

Weston continues, “Data science will inform the best marketing initiatives next year. Targeting has got much more accurate, thanks to a better understanding that collecting the right data goes way beyond an email address and a first name. The personalisation that information from social media platforms enable has opened the door to a huge swathe of new marketing opportunities.”

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photo credit: Flickr/ GlasgowAmateur