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The world of finance is perceived as being cold, rational, and data-driven. In fact, this is one of the fields where data was cool before it became mainstream (so to speak). Data science for finance professionals has been in play even before anyone started thinking about Machine Learning or Artificial Intelligence.

True, back then, the amount of data was manageable by the human mind with the help of primitive computers. However, the advancements in technology and the speedy improvement in smart algorithms paired with Big Data and Data Science only made the world of finance more interesting and dynamic.

Nowadays, there’s even a special field called Financial Data Science where professionals use Data Science to solve finance-related issues.

This field relies on scientific methods to deliver valuable insight and create predictive models based on structured and unstructured data. Furthermore, Data Science is used for Risk Management & Risk Analysis in order to identify patterns that discourage fraud and irregularities.

Also read: Remote data science jobs

Therefore, the strong bond between data and finance showcases that Data Science as we know it today has some incredible applications in the financial world. Let’s take a quick look at the current applications and the ones to come.

1. Risk Assessment and Management

Every business faces a certain risk factor that can increase or decrease depending on the actions decision-makers take. However, in the world of finance the risks are a bit higher and external factors such as financial crises or an economic downfall can have a permanent negative impact.

That’s why financial companies are more invested in running risk assessments. Luckily, due to easy access to Big Data and processing methods, it’s easy to run a predictive analysis that will help you understand the market fluctuations in the near future.

Financial companies use the data generated during daily transactions, price fluctuations, credit history, and more to understand the trends and mitigate the risks.

Also read: Accounting interview questions

However, in order to do so, a business needs to have at least one data scientist professional who can run the analysis. Also, it takes an entire department to set and maintain the data (to make sure there’s no corruption involved). This can be problematic for small and medium-sized players since they don’t have that kind of budget.

Luckily, nowadays you can outsource your data-related needs to a Data Science consulting firm like RTS Labs. They have the specialists and the tools to provide businesses with accurate analyses and other reports they need. 

2. Predictive Customer Analytics

It’s a fact well known that financial services companies are not always the warmest when it comes to customer relationships. Considering the environment, it’s easy to understand why marketing campaigns in this world took time to get more open and inviting towards the public.

But the shocking bit of news is that this openness and flexibility is due to data analytics and Machine Learning algorithms (so yes, more data).

Professionals in finance can now use advanced algorithms to personalize and tailor their services based on the clients’ wishes and preferences. Plus, the use of data-driven marketing campaigns allowed companies working in finance to target the right audience at the right time.

Data Science provides an accurate insight into customer behavior which leads to better business decisions and strategies. We can take insurers as an example here – these companies use Machine Learning to understand their customers and easily identify risky contracts.

Also read: Remote finance jobs

3. Customer Support

Data Science is also used to create intelligent virtual assistants (or chatbots) who can help customers find routine information, directions, and even provide assistance with basic tasks such as account withdrawals, transactions, purchases, and more.

These chatbots are used to provide customers with a stellar experience while the employees get to use their time in a more productive manner. 

4. Fraud Detection & Prevention

The financial world is usually under some sort of attacks such as identity theft, credit card fraud, false insurance claims, or tax evasion (to name a few). Back in the days, when financial professionals were limited to rudimentary fraud identification methods, these attacks were often successful, but due to Big Data fraud, it’s easier to identify and predict.

For instance, nowadays users get notified if an algorithm identifies unusual credit card activity. Plus, the financial institution that issued the credit card is notified as well. This way, if it is a fraud, it can be quickly shut down.

Also read: Mark to market accounting

The same goes for insurance claims – before an insurer accepts a claim as valid, they run an algorithm that analyses the user’s past behaviours in order to see if there is a pattern that indicates deceit.

Furthermore, the application of Data Science in finance can help identify money laundering operations and develop the tools to prevent such operations from even taking place. Overall, Data Science has improved fraud detection systems in the financial world and it’s likely the trend will continue. 

5. Algorithmic Stock Trading

Stock trading is all about reaction speed and making the right guess. Luckily, due to Data Science algorithms that can run complex mathematical formulas and high-speed computations, financial professionals don’t have to follow their gut when trading.

The access to multiple streams of data (economic data, news, company data, and more) and the fact that these data can be processed almost in real-time allows traders to devise new strategies and trading models. Plus, predictive models take into account traders’ behaviour and future events that may change the stock markets.

Overall, Data Science has made stock trading a more secure business by offering traders access to more sources of information.

Also read: stock consultant

6. Customer Data Management

Due to Big Data and analytics powered by Data Science, companies nowadays can understand the factors that are relevant to profitability when it comes to customers. Plus, information like consumer purchase behaviour and demographics are easily accessible.

Financial professionals can use this merger of data in order to get a holistic view of their market share and understand how to better manage their existing customers. For instance, customers considered to have a higher lifetime value will be managed separately in order to improve retention and loyalty towards the brand.

On the same note, new customers’ data will be managed with a different goal in mind, to increase their desire to learn more about products and options. 

Wrap Up

It should be clear by now that Data Science, and all its perks, is a field crucial for the world of finance. The methods listed above represent only a sliver of the way financial specialists use data in their daily operations, and yet they are quite impressive.

But Data Science is a valuable field for all businesses, regardless of their domain of activity. Therefore, whether you’re a regular entrepreneur or you hope to become a stockbroker in the near future, it’s important to find ways to enrich your knowledge base and improve your skillset.

Plus, it’s not just about processing Big Data to obtain valuable insight and predictions. Businesses nowadays use advanced algorithms like Machine Learning and Artificial Intelligence to interact with customers and automate routine tasks.

This trend helps entrepreneurs and financial specialists alike to create a better customer experience and improve the efficiency of their marketing campaigns (increased awareness).

Overall, the world of finance is better due to Data Science and similar technical developments. Financial organizations are more open and flexible towards customers and have better fraud-detection mechanisms. It’s a win-win scenario for both clients and businesses.

The pandemic has made adjustments in all areas of our lives. Millions of people have switched to remote work and already experience a lack of socialization. In this post, we are going to share 10 remote team building activities that were tested and approved by our experts. Enjoy!

10 Best remote team building activities in 2021

Сommunication within the team mainly involves discussing tasks in online chats and conference calls which leads to the team spirit and motivation drop. Fortunately, remote team building activities and games can fix the situation.

1. Online parties

If your remote team doesn’t mind grabbing a beer and pizza on a Friday night, they will surely like a real party! You can reach a catering company who will deliver a party set to employees’ homes. It should include their preferred drinks, fruits, cheese, and an invitation with a QR code. After scanning the code, they join a virtual party with DJs and bartenders who play nice music and share cocktail recipes. Later in the evening, you can start virtual karaoke on Zoom or dance in an imaginary club.

2. Gift-giving

We all love presents, so why not start a new corporate tradition without the need to wait for Christmas? To make everything work, set a budget cap and ask employees to complete surveys where they share their likes and dislikes. Be like Secret Santa but in May, October, or February! Great gift ideas include chocolate, snacks, tea, coffee, and favourite alcohol. By the way, you can use an online gift generator not to rack your brains.

Also Read: Employee Gift | The ultimate guide

3. Cooking competitions

Social distancing and isolation made us all cook at home more often. So why not turn this habit into a way to engage the team? Here’s how you can organize the competition:

• Choose the date.
• Pick a theme (cuisine type, desserts, pizza, etc.).
• On the competition day, participants should post photos and videos of the dishes they have made. By the way, photos can be edited with Canva to look finer.
• Everyone votes for the best dish.
• The winner receives a prize.

4. Outfit of the day

One of the simplest team-building activities is to choose a particular colour or theme for the outfit of the day. For example, on Thursdays, everyone’s wearing blue clothes, on Mondays – evening dresses and suits. The ones who don’t follow the rules may be ‘punished’ with funny tasks. For example, meowing during a call or communicating in a poetic form.

5. Singing competition

It is time to take your sing-in-the-shower habit to a completely new level. A singing contest can be a great event for remote workers. Every participant chooses a song and sings it during a video call. Then, chat members vote for the best performer. You can record the video and use Movavi to edit files and make real clips. Who knows, maybe you will start a rock band afterwards?

6. #MYWORKPLACE challenge

To brighten up the working routine, you can join this fun challenge. Remote team members take pictures or videos of their workplaces at home, post them on social media with an MYWORKPLACE hashtag and invite colleagues and subscribers to join. If you are not a fan of Facebook or Instagram, this challenge can be a part of the Slack team-building routine. Create a separate chat with this challenge and share photos inside the company.

Also Read: Employee Morale | An ultimate read for best results

7. Eat and learn

Remember the times of working in an office when we gathered together for lunch and discussed personal matters? Remote work has robbed us of this pleasure, but this doesn’t mean that we can’t revive the tradition.

Order a lunch delivery and get on a video call together. While eating, discuss a particular topic, watch an interesting video (for example, TED Talk or a new episode of the series you all follow), or even invite an outside speaker. This will level up your communication and bring you closer to each other.

8. Yoga session with an instructor

Zoom and other virtual platforms for party events can also be used for holding yoga classes under the guidance of professional instructors. This activity is good for reducing stress levels and improving health and will be a great way to take a pause amidst a busy workday.

9. Quiz games

It is difficult to find a better virtual team-building activity than playing a few games. And while most of them are difficult to organize remotely, quizzes don’t take much time and resources. To start such a game, you need a list of questions that are either related to your company or a general topic. For example:

• When was our company launched?
• What is our motto?
• How many employees are there in the company?
• Who starred in the Titanic movie?
• Why do dogs stick out their tongues?

To play these virtual games, you should decide on teams. Once the caller announces the question, participants leave an emoji or another sign in the chat. The first to leave a comment answers. If the answer is correct, the team gets one point.

Also Read: Performance Management Process | An ultimate read for best results

10. Typing speed competition

If you don’t mind remote team building games with a competitive spirit, try this free and fun activity. Choose an online typing test and post the link on the message board along with your own results. Encourage colleagues to participate. You can unite in teams, create leaderboards, and give prizes. When playing this game, you not only become closer with each other but also improve typing speed, a crucial skill for many workers.

Closing thoughts

The entertainments discussed above are good for learning more about each other, reducing stress, and showing that the management of the company takes care of its employees. Some of the ways are free and simple, while others take a bit more time and money. We are sure that with these remote team building activities for conference calls and chats, the communication and bonds inside your company will improve. And if you already have a few favorite activities, don’t forget to share them with us!

Remote work is available to everyone. If you want to make money sitting at home, read this guide to understand and get started.

According to surveys, many people are willing to work remotely even for less pay. The motivation is understandable: in large cities, it takes hours just to get to the office, and this is personal time spent nowhere. Even remote work is more comfortable. You can perform your duties at home, without regard to the company’s rigid schedule. Learn how to find a remote job for a beginner — what sites you should start with and how to avoid typical mistakes.

Ways to work remotely

Contrary to stereotypes, working remotely does not always mean that a person is self-employed and their income is unstable. There are other options for working outside the office, including quite official ones. Consider each option:

1. Full-time work remotely

Yes, this employment option exists. You sign a contract with an employer, get paid every month, but work out of the office (from home, a co-working space, or anywhere in the world). Is it in demand? Yes. That said, most employers are confident that remote workers do just as well as their office-based counterparts.

2. Part-time work remotely

Often it is not possible to work remotely due to the specifics of the profession. For example, it is convenient to take the work with documents and correspondence home. But interaction with colleagues and clients is possible only in the office. In this case, companies offer a mixed format: you perform the bulk of the duties at the workplace, and the rest — remotely.

For example, online student help companies are offering jobs as an expert in academic fields. If, for example, you are a guru in finance research paper topics and you want to use your professional skills and knowledge to your advantage, and you also want to earn money from it, then you are welcome to work remotely!

3. Freelance

Freelance is usually what they mean when they talk about remote work. Freelancers are professionals who don’t tie themselves to a specific company with an employment contract. They can have several employers, and the income is not fixed: how much a freelancer earns depends only on him (the volume and complexity of the executed orders). Freelancers pay taxes if they conclude an employment contract, self-employment, or self-employment.

Also Read: Working from home with kids | Critical items that you must know!

7 Steps on the Way to Remote Work

1. Assess your knowledge and skills. Not every professional can go to work remotely: the skills that they are paid, for now, may not be in demand outside the office. So first decide in what area you can normally earn on a remote basis.
2. Get an education or master the speciality. This is an option for those whose current profession is not suitable for working remotely. You do not need to enter the university. Today, the most popular areas open full-time and online courses. It is better if you are offered an internship after your studies.
3. Have money in reserve. It’s best to leave the office if you’ve saved up a minimum of three to six months of your life. Or do not leave your employer at all, and start working remotely in parallel.
4. Get down to business. Starting a remote job is more difficult than just coming to the office. So don’t linger at the theory stage – start practising.
5. Form a portfolio. Remote employees are expected to be diligent and to produce concrete, visible results. Therefore, rely on your cases and portfolio, which should be built up from day one;
6. Place several orders for free. Psychologically, it is easier to start with this — to write an article for free placement or to make a website for a friend. This will be the first experience of remote work, and at the same time — a new case for the portfolio.
7. Make yourself known. Promote your services on social networks, job exchanges, and aggregator sites. You can go directly to customers: offer your services to companies, albeit so far at a small charge. The main thing — take action. In contrast to the office, passive people do not linger at a remote job.

Also Read: How to motivate employees | A complete guide

Where to find a remote job?

You should look for remote work in the same place as a regular office job — on the Internet. Employers and customers have long been not limited to the city of their stay. Let’s look at the most popular options.

1. Platforms and aggregators for finding remote work

Everyone has a resume on at least one website with vacancies. Now it remains to set the “remote work” filter — and you will see offers for official employment in Russian companies. Remote employees are searched for in this way more often than is commonly believed.

2. Sites for freelancers

Competition is high here, you need good language, and different time zones prevent you from agreeing to deadlines. But there are also more opportunities, including international projects and salaries.

• RemoteOK;
• UpWork;
• Guru;
• TopTal;
• People Per Hour;
• Fiverr;
• FlexJobs.

3. Social Media Groups

Social networks can help you find a good job, where your resume is your profile with personal information, posts, and photos. And friends act as recruiters. For example, on Facebook, you can mention another person under a job posting, and on LinkedIn, you can confirm your skills.

What about looking for jobs off-line? To recruit customers, you can use connections from previous jobs (a method that works if you haven’t changed careers). In the new field, it is advisable to constantly make acquaintances: during studies, workshops, conferences, and festivals, if such are held in your profile.

Also Read: Remote team building activities | Critical items that you must know!

What can you do remotely without experience?

Outside the office, people do all sorts of work – teaching foreign languages, programming, designing stairs, and giving legal advice. More often than not, they already need the qualifications and experience to start working remotely in their field. But what to do if you want to leave the office, but do not yet have the necessary skills? Below are a few professions where you can earn even without experience:

• copywriting;
• rewriting;
• photography;
• creativity;
• content management;
• personal blogging.

For example, teachers or professional copywriters can work remotely for a company that provides write my essay for me cheap services.

What to be prepared for – some tips for remote workers

1. Don’t neglect to hire. Today, more and more companies are willing to move employees to remote locations. For example, if you work in an office, you should ask your superiors about this opportunity.
2. Respond to all vacancies. Even if the terms specify an office job, offer your services to the company remotely. You will likely be able to negotiate a format of work that is convenient for you.
3. Think about the organization of the process. On a remote job, you should have a workplace – at home, in a co-working room, in a nearby cafe or library. If there is no such place, the work will be constantly stalled.
4. Make sure you’re technically ready. At a minimum, remote workers need a computer, the Internet, and messengers. The rest depends on the specifics of the work. For example, editors need specialized software, and teachers need a good webcam and microphone. Professional authors need a good Internet. Then he will be able to provide work on time. If the client is satisfied with the order, he will return to the service again and again. And then he will be able to get essay writing services coupons as a loyal customer.
5. Protect yourself. This applies to freelancers: take advances, sign contracts with customers, and ask for legal help. Your income is now entirely your responsibility.

Pros and cons of working remotely

But, no matter how much they talk about the advantages of a flexible schedule and staying at home, remote work has serious drawbacks. For example, some employees are not ready to work remotely in principle: in their experience, efficiency decreases outside the office, corporate spirit disappears, and discipline suffers.