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COVID-19 puts the spotlight on artificial intelligence and data science for consumer behavioral modeling

07-15-2021

The global pandemic has prompted some changes in consumer behavior patterns that are likely to continue even after the crisis. For example, consumers amid the uncertain economy have become less brand loyal and more prone to shop extensively online for better pricing. At the same time, many corporations are reducing their marketing budgets in cost-cutting moves.  Data analytics, artificial intelligence (AI) and machine learning models designed to react in real time and improve decision-making can help businesses meet challenges like these. Those able to harness their data quickly and intelligently have a competitive advantage. 

Data analytics, AI and machine learning models likewise can be a boon for other business-related functions, such as pattern recognition to identify fraud or in risk management to analyze, measure and reduce risk in business deals, a subject near and dear to the hearts (and pocketbooks) of corporate executives.

Professors Xiao Wang and Kiseop Lee lead a research group on deep learning/reinforcement learning approaches to various financial problems such as hedging and pricing of derivatives, limit order book dynamics, optimal market making and portfolio management.

The power of data analytics, AI and machine learning models is evident in their widespread adoption by the financial sector, where data scientists are in high demand.

Purdue University's online MS in Statistics with a major in Data Science in Finance is designed to teach students how to solve problems in modern finance using state-of-art data science techniques. The program integrates machine learning with the data science and finance curriculum, preparing students to apply these powerful tools and boost their careers in myriad aspects of the financial sector and businesses in general.

Individuals looking to advance in positions in portfolio management, hedge funds, mergers and acquisitions, investment banking, retail banking, and more will be expected to have a fundamental understanding of business domains as well. Purdue’s program incorporates management classes with the data science curriculum, allowing students to become versed in topics such as economics, financial markets, portfolio management and risk analysis.

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