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Today, most banking and fin-tech companies have adopted data and analytics practices extensively; however, an in-depth analysis of the penetration of such practices tells us that we are still far from reaping the true potential and benefits of these technologies. Though the financial services industry are leading adopters of digital transformation, the traditional banking industry lags in adopting new-age technologies. Most banking organizations are at a stage where they have started to experiment with advanced analytics by running a handful of pilot programs. Yet, they are far away from deriving a long-term strategy and reaping quantifiable benefits from this discipline. Read on to know how the aforementioned technologies can help organizations create a strong footprint as digital innovators!
Machine learning and predictive analytics: Machine Learning and Artificial Intelligence tools have played a pivotal role in modernizing banks’ legacy systems and mobility solutions. Predictive business analytics solutions have helped the financial services industry in predicting customer churn, detecting and preventing fraudulent activity, managing risk, controlling unnecessary discounting patterns, and improving user experience. This branch of data science is transforming our understanding – deriving exceptional insights from credit cards and payment statements, transactions, point-of-sale data, mobile payments, and much more.
AI-powered Automation: Today, we are witnessing widespread use of AI applications in retail banking such as seamless integrations with non-banking apps, frictionless payments using facial recognition, investment recommendations, personalized offers, and money-management solutions. Business process automation can help transform the banking industry, right from hassle-free back-office operations, to customized lending solutions, and approving loan applications. There are explicit success stories where leading financial organizations have leveraged automation in mortgage payment processes, closing fraudulent accounts, and resolving internal IT requests. All these processes have enabled the employees of these companies to focus on tasks with higher-value and greater rewards, resulting in quantifiable financial benefits for both themselves and the parent organization.
Data Analytics and BI: Business Intelligence in banking enables the vast datasets at hand to be transformed into customizable dashboards and interactive advanced data visualizations. Enterprise BI solutions can be used to appropriately leverage information about customer behavior, needs, and preferences to achieve customer retention, improved risk controls, and enhanced productivity. Having a strong analytics practice that encompasses each unit in the organization, is a strategic move to exact long-term digital transformation. If employed properly, data engineering has the power to provide us with insights beyond our imagination, which would undoubtedly lead an organization to attain and maintain industry-leading performance.
With expertise spanning over two decades, we at ValueLabs have served multiple leading financial services and banking organizations globally – developing advanced analytics, BI, and automation solutions. Powered by Cognitive Extractor, we helped a leading US-based provider of financial services
automate the customer onboarding process on their product platform, resulting in a 30% reduction in manual effort. Browse through our intelligent automation solutions to know more.
To extract the true potential of data, it becomes imperative to build a robust analytics and BI infrastructure. While every customizable solution requires unique tools, proven expertise, and extensive hands-on work, it becomes crucial to have the right technology partner with you throughout this journey. With our powerful in-house tools, rich experience, and industry-leading team of subject matter experts, we are uniquely positioned to bolster this vital journey for your organization.