Quants have been at the core of many financial services firms for decades, but we now live in a time of significant change, with the re-emergence of advanced analytics – commonly referred to as Data Science. This has spawned an unquenchable thirst for new knowledge and insights to be generated from vast data-sets, utilising a variety of emerging technologies. Heavy investment has been made in recent years, primarily by Tech & Retail industries, but it is only now we are seeing Financial Services do the same. This investment is not just in technology, but also in human skill-sets from outside of stereotypical mindsets and cultures.
Data Science and beyond
Advanced analytics is a matrix of skills, that enables better forecasting of future outcomes through improved access to, and analysis of behaviours, patterns, and events. To achieve this, there needs to be a commercial purpose underpinning each question, which through acquisition and engineering of data, may in turn help identify a consequence and possible solution. These findings must then be interrogated, tested and translated into an answer that is profitable.
Achieving this efficiently and effectively requires a blend of people who understand maths, technology, psychology, demography, design, commerciality et al. Not just anyone. Experience clearly shows that when a firm simply hires “someone from Google to do data science”, that individual has exited the business within 18 months, due to a lack of fit with the company. Why? More often than not, it relates to being different or unusual, not looking like the traditional corporate image. Similarly, if you dropped a typical Financial Services professional into Google, Apple or Facebook the result would likely be the same, but in reverse.
Finding the right blend
We help our clients see where other industries have had success and what it’s taken to achieve it. We then work together in building teams with the right expertise to suit current needs and planned growth, so they can realise commercial value. However, it is not just the sourcing and hiring of the right people that is vital to us, it is ensuring that the organisation our candidate is joining, is ready for them – that onboarding processes and training are available and appropriate e.g. a new starter with a psychology degree, a more casual appearance from a tech firm has very different needs to a pure maths, traditionally attired new starter from a Financial Services competitor.
Advanced Analytics – Armstrong International
Armstrong International has an established Advanced Analytics practice retained by global organisations to help conceive, build and grow data analytics teams.For further information please contact Oliver Blaydon firstname.lastname@example.org or 0207 6060002.