Data Science's Unnoticed Significance in Finance

Abstract

The growing influence of artificial intelligence and Data Science on the financial sector, focusing on its role in managing financial products and services, influencing financial markets, and shaping areas like internet finance, credit services, and fraud detection. The study highlights the opportunities and challenges of integrating data science into financial systems, including algorithmic trading of financial services. Despite challenges such as data quality, privacy, regulation, ethics, talent acquisition, and integration with existing systems, the application of data science in finance offers businesses opportunities to develop and broaden their offerings, fostering innovation and improving client experiences. The paper also emphasizes the importance of interpretable and explainable AI models for trust and compliance with regulations.