The Brandeis GPS blog

Insights on online learning, tips for finding balance, and news and updates from Brandeis GPS

Tag: Financial services

The Evolution of Technology for Financial Services

Woman in front of buildingThe increasing use of computational power, digital assets, and big data has ushered in a new era of innovation in the industry. Financial Technology, or FinTech, has advanced diverse areas such as payments, digital ledgers, foreign exchange, lending, insurance, investment advice, and wealth management. To understand these changes, we need to understand the application of technology and the economic value of these changes to the financial services industry as well as the agents catalyzing these changes. 

During our Fall 2 session starting in October, Brandeis GPS will be offering FinTech: The Evolution of Technology for Financial Services. The 10-week, fully online course will explore FinTech as a solution to challenges facing an inter-connected global marketplace. It will address the evolution of the financial industry landscape, the challenges and opportunities this new era presents, and the drivers behind the change.

Throughout the course, students will debate FinTech innovation and entrepreneurship in the financial services sector through a combination of online discussions, case studies, group projects and guest bloggers. They will analyze well-known FinTech companies and discuss value propositions, competition, business models, and technology. They will examine recent trends and explore areas that are ripe for disruption in the industry.

Upon completion of the course, students will be able to:

  • Explain the evolution of financial technology and its current relationship to the horizontal integration of accessibility to technology, decrease in cost in computing, and access to data
  • Discern the relationship between the advancements in financial technology and the benefits and concerns that these bring to the individual and to institutions
  • Compare current trends in financial technology to emerging trends and assess the opportunities and risks
  • Apply theories of artificial intelligence or machine learning to decision making and risk mitigation and discuss their merits and drawbacks
  • Develop a proposal that determines a currently unidentified need that can be empowered or met through financial technology

At Brandeis GPS, you can take up to two courses before enrolling in one of our 12 Master’s degree programs. If you’re interested in exploring the MS in Digital Innovation for FinTech, or would like to explore technology for FinTech as part of your own professional development, contact the  GPS office for more information or to request a syllabus: 781-736-8787, gps@brandeis.edu, or submit your information.

From Online to the Field: How to Transfer Your Skills

by: – Custom Content Coordinator

There’s no question graduate education is an asset in today’s competitive professional world. Once nice-to-have, a master’s degree is now a necessity for coveted industry positions in the fastest-growing fields. The Department of Labor’s Bureau of Labor Statistics projects by 2020, the number of jobs requiring a master’s degree for entry is expected to grow by 22 percent.

Demand for a graduate education is growing. But is putting your career on hold to attend graduate school really the answer?

Instead of leaving the workforce, more and more are embracing online education. Technology has evolved to make online education a rich, interactive experience that holds its own against the conventional classroom model. Busy professionals can tailor courses to fit their schedule, making it possible to learn and earn at the same time. With a wealth of options like Khan AcademyedX,  and traditional institutions’ online programs, a master’s level education is now only a click away.

So where can an online education take you? While there are programs on the web for every area of study, two in particular will serve you well in today’s competitive job market: software engineering and strategic analytics. Both computer software and big data are integral to business’ operations placing those two skill sets in high demand in every field. See how online master’s degrees in software engineering or strategic analytics will help you break into Boston’s top industries.

Financial Services. Boston’s burgeoning financial community is in need of employees from all skill sets, especially in the realm of software development and data analysis. Today’s global financial institutions, many of which are headquartered right here in the Hub, rely on complex software programs to function. Software engineers who strategically develop, operate, and maintain this crucial technology are in high demand.

Also in demand are those who can collect, manage, and analyze massive amounts of data.  With the growth of e-commerce and online transactions alone, interpreting and understanding the strategic potential of big data is essential to the health of financial institutions.

Technology. From budding startups to established corporations, Boston’s tech world is a diverse, eclectic, and exciting field to work. Best of all, it’s growing. Fast. It goes without saying that a master’s in software engineering would be an asset for anyone seeking to break into the tech industry, but it’s not strictly computer nerds who need apply. Analytical minds are needed to process big data and apply insights to an organization’s bottom line.

Higher Education. With more than fifty college and universities in Boston, there are plenty of opportunities in the field of higher education, especially for those with a master’s degree in software or strategic analytics. Software programs are vital for a university to function, from student networks to administrative tasks to alumni communications.

Also, for universities, data is at the center of their operations. Statistical insights are key to understanding the application process, students’ academic performance, the movement of funds, and more.

Government Services. The State House and City Hall need more than politicians to keep Massachusetts and Boston running smoothly. As expected, sophisticated software powers all government operations, but strategic analytics skills are just as, if not more, valued at a government institutions. Our governing bodies are incessantly collecting and analyzing data on constituents. With a master’s in strategic analytics, you’re able to apply your skills analyzing and leveraging data to guide government projects.

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How Big Data Has Changed 5 Boston Industries

By: 

Emerging technologies have unlocked access to massive amounts of data, data that is mounting faster than organizations can process it. Buried under this avalanche of analytics are precious nuggets of information that organizations need to succeed. Companies can use these key insights to optimize efficiency, improve customer service, discover new revenue sources, and more. Those who can bridge the gap between data and business strategy will lead in our new economy.

Big Data’s potential impact on enterprises and industries as a whole is boundless. This potential is already being realized here in the Hub. Boston has been ahead of the curve when it comes to Big Data, thanks to our unique innovation ecosystem or our “Big Data DNA,” the Massachusetts Technology Leadership Council says. As a result, Boston is home to an especially high concentration of Big Data startups, but also powerhouse industries that have strategically leveraged analytics and transformed the space.

Check out how data and analytics has changed these five Boston industries.

1. Marketing & Advertising

Marketing & Advertising

In our age of online marketing, marketers have access to mountains of data. Pageviews, clicks, conversion, social shares…the list is endless. That doesn’t even account for the demographic data marketers collect and interpret every day.

These analytics have enabled marketers to access a more comprehensive report of campaign performances and in-depth view of buyer personas. Armed with these insights, marketers are able to refine their campaigns, improve forecasts, and advance their overall strategy.

Big Data also enables targeted marketing, a crucial component of today’s online strategy. You know those eerily accurate advertisements on your Facebook page? You can thank Big Data for that.

Analytics have unlocked enormous potential for marketers to better create, execute, and forecast campaigns. As a result, Boston has boomed with organizations entirely devoted to providing data-driven marketing solutions. HubSpot and Jumptap have emerged as leaders in this space, raising about $2.5 billion combined. Attivio, Visible Measures, DataXu are also leading marketing solutions providers.

2. Healthcare

Healthcare

It shouldn’t surprise that healthcare represents a top industry in Boston’s Big Data ecosystem. The healthcare industry collects and analyzes enormous volumes of clinical data on a daily basis. Partners Healthcare alone has some two billion data elements from over six thousand patients, according to the Massachusetts 2014 Big Data Report.

Big Data’s impact can be seen first and foremost with the electronic health record. Big Data has launched the electronic health record into the twenty-first century, revolutionizing patient care, and empowering the success of companies like athenahealth based in Watertown.

“The meaningful use of electronic health records is key to ensuring that healthcare focuses on the needs of the patient, is delivered in a coordinated manner, and yields positive health outcomes at the lowest possible cost,” the report said.

The space has expanded even more since Massachusetts passed legislation requiring all providers to adopt electronic health records and connect to the health information exchange, Mass HIway in 2012.

The Shared Health Research Informatics Network (SHRINE) is another local innovation linking five hospitals (Beth Israel Deaconess Medical Center, Children’s Hospital Boston, Brigham and Women’s, Massachusetts General Hospital and the Dana Farber Cancer Center) in a centralized database to improve efficiency and quality of care.

After genomic data and patient data from electronic medical records, medical devices like pacemakers or a Fitbit, for example, are the fastest-growing sources of healthcare data. All of these rich sources of information can – and are – being leveraged by Boston healthcare providers to improve care and lower costs.

 

3. Government

Government

The State of Massachusetts and the City of Boston lead the nation with a sophisticated public sector approach to data and analytics. Governor Patrick made Big Data part of policy, launching Massachusetts Big Data Initiative and supporting Mass Open Cloud Initiative, a public cloud that utilizes an innovative open and customizable model.  In 2009, the Commonwealth launched the “the Open Data Initiative” inviting the public to access the government’s data library from nearly every department.

But analytics’ impact on the public sector is only beginning. Big Data can significantly improve the quality and efficiency of city services, and do so at a lower cost. But most importantly, data will unlock the future of urban living. Imagine if we knew the location of every bus, train, car, and bike in real-time? Imagine if we knew the profiles of every city building? This is the vision of Boston’s future as a “connected city” outlined in Mass Technology Leadership Council’s 2014 report Big Data & Connected Cities.

“Boston is making great strides in using technology to improve how city services are delivered but we can and will do more,” said Boston Mayor Marty Walsh about MassTLC’s report.  “We are making vast amounts of the city’s big data available online to the public to not only increase transparency but to also spur innovation.”

Walsh has shown support for a data-driven, connected city and plans to hire a City of Boston Chief Digital Officer to help make this vision a reality.

4. Energy

Energy

Big Data is a big reason Boston has evolved as a leader in the energy industry. Tapping into Big Data yields much more comprehensive, accurate reports of energy usage and also illuminates how these building can operate more efficiently. As a result, the industry has boomed with companies helping buildings go green to save green, including local leaders EnerNoc, Retroficiency, and NextStepLiving. Buildings in Boston and beyond are being constructed or retrofitted with building automation systems – cloud-based, centralized control centers – which collect massive amounts of data, report on energy consumption in real-time, and can continually adjust building performance for optimum efficiency. This “smart” living is the wave of the future and entirely driven by Big Data.

5. Financial Services

Financial Services

Financial services is the fifth largest vertical for Big Data in Massachusetts. Big Data has made it possible to analyze financial data sets that previously weren’t accessible. Financial analysts now can examine and interpret unprecedented amounts of information and do so in new and innovative ways. For example, stock traders can collect and mine mass amounts of social media information to gauge public sentiment about products or companies, Information Week said.

Top companies Fidelity Investments, Pricewaterhouse Coopers, Baystate Financial, LLC and others in Boston’s financial services sector heavily depend on big data to compile reports, forecast market future, and guide their decisions.

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