What to Consider in Data Science for the Financial Services Industry

When working with data for marketing in Financial Services, there are a number of implications analysts and marketers  need to consider. The reason is that there is a higher regulatory scrutiny on the financial industry, especially due to the financial crisis. This is especially true for marketing campaigns where prospects are pre-screened using credit bureau data in order to receive a firm offer of credit. This affects marketers who work in financial services.The most important laws that regulate marketing campaigns of financial institutions are the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). The ECOA prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit. The ECOA prohibits discrimination based on the following protected groups: Race or color Religion National origin…


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