Driving business agility for global banking and fintech leaders

Since the banking industry embraced digital technology as its primary means of customer interaction, banking customers have generated huge volumes of digital transactional data. The good thing about digital data is that it can be accumulated, aggregated, and maintained effectively. However, the mere storage of data will not bear any fruit until and unless it is analysed. The thorough analysis and in-depth reporting of the data of each customer are termed as big data analysis. The banking industry can rightly be considered one of the pioneers of big data management. The question is what does  banking analytics  achieve, which helps banks maximize their profitability? Here are a few of those achievements.   1.Risk management strategy Banking analytics  can help banks develop individual profiles of each customer, constituting their history and current transactional information. This data would help identify the risk involved with each customer by observing their financial behaviour.

Banking organizations started investing in the digital transformation of their operations at the beginning of the last decade. Large amounts of investments and resourceful efforts have gone into the process. However, there is no denying the fact that no other operational makeover has benefitted banks, such as digital transformation. The most visible benefit of digital transformation is that it has brought banks and their customers closer. Today, bank customers need not wait for days and even for hours to connect with their bank. All they have to do is log into their websites or open the mobile application. Information about their bank accounts or policies is readily available on the website and application. It can be received via e-mail or SMS just within seconds. It would not be wrong to say that the digital medium would be the primary way banks will interact with their customers in the future.   The brilliant development of banking technology in strengthening the bank-customer