Equity Bank has partnered with Strathmore University, @iLabAfrica Centre to train data scientists for the financial sector.
Data Science is helping in great ways for banks and financial institutions , including economic advisories to identify patterns in markets and predictions. Getting best use of data for their benefits . Banks have realized that big data technologies can help them focus their resources efficiently, make smarter decisions, and improve performance.
Banks and other finance companies has a lot of data. Data is not only the new oil, but it is the crude oil and Analytics is the refinery. The use of Data Science in banking is more than a trend. It has become a necessity to keep up with customer demands. They know customers, their details, purchase powers, purchase patterns and much more that is provided by the Big Data implosion. The Banks need skilled team that can handle not only Descriptive analytics, but also Diagnostic analytics, Predictive analytics and Prescriptive analytics.
There is great a need of Data scientist in Kenya’s financial sector. This is the reason Equity is leading the way in developing future data scientists. There will be 30 graduating students selected from Bachelor of Business Science – Actuarial Science, Financial Engineering and Financial Economics degrees in addition to IT students from Bachelor of Informatics and Computer Science. This was arrived since Data Scientist is someone with three key knowledge areas – Computing, Statistics and Business Domain
The students are currently attending introductory classes in Data science that has been going on for the last 18 months. The students will review statistics, logistic regression, Generalized models, cover specialized topics in data preparation, data visualization and introduction to Machine learning. At the end of the training, successful candidate will join Equity bank’s data science team.
This partnership is one among many that Stathmore University is working with various companies to fill the skill gap in Data Science. The University is also looking at launching a Masters in Data Science to give a chance to Kenyans to acquire data science skills.