Companies in banking and insurance can use data science to survive

Posted 1 hour ago by CHRISTIAN HARGRAVE, Writer Editors note: Guest submission by Florian DouetteauOver the course of many centuries, the banking and insurance industries have developed processes, products and infrastructures that have shaped the economic structure of humankind. But now, they are being challenged by industry outsiders who appeared on the world stage a mere couple of decades ago, and some who emerged just a scant few years ago, but who nonetheless are already rewriting the rules of financial services. These challengers include Internet-era giants like Google, Amazon, Facebook, Apple, Baidu and Alibaba; nimble digital startups like Credit Karma, Lending Club, Square, Lemonade, TransferWise and GoFundMe; and even, through the Internet of Things, wholly unlikely competitors like manufacturers of consumer and industrial goods. Ultimately, GAFA (Google, Amazon, Facebook, Apple) has a…


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