April 25, 2019
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The world rides on numbers these days. Numbers when seen from a rational and productive perspective get counted as data. But, as is the case with most things, mere data doesn't mean anything in its raw form until and unless they are processed or rather analyzed by data analytics. It is this growth in data that requires the expertise of professionals to derive lessons out of it to describe, predict or visualize.
Distinction between data analysis and analytics
It has been a very common instance, among masses to merge the meaning and application of analysis and analytics with one another. However, with deeper research and field work it can easily be established how analysis of data refers to the process of reading or comprehending past events and thoroughly reviewing what happened. On the other hand, data analytics focuses on a more practical and rational approach towards looking at data by studying the reasons for various occurrences and further using the derivations to predict the aftermaths. Analytics stresses on consideration of all methodologies relating to the processing of data to serve the desired purpose, rather than on individual analyses or steps as seen in analytics.
Importance of Data analytics in modern businesses
Businesses in modern times have evolved extensively with the assistance of the Internet and the subsequent rise of proponents of globalization. With the rise in interconnectivity and reliability of and among firms, the importance of rationality towards numbers has grown significantly with a pace no one could imagine. Data analytics can be seen in action in wide ranges of businesses which are seen in your daily affairs. For instance, bank and financial firms apply analytics to derive withdrawal and spending patterns to identify potential threats in form of frauds and identity theft. Others in the business of e-commerce and mobile networking use data analytics to strengthen customer relations and enhance their marketing tactics by careful considerations of the learning are derived.
Why is data analytics trending?
As firms crave for increasingly large amounts of data to increase their insights, they need more experts or professionals to derive the needful patterns and trends out of clusters of big data. Internet of things, or IoT, is one of the main causes behind the rise in demands for data analytics, where data collected by the users is the main source of work with the assistance of artificial intelligence. Moreover, predictive analytics, being a key component of data analytics, helps firms in a very effective manner where it provides insights to businesses regarding customer’s responses. It also helps firms to deeply integrate technology with physical domains like finances or manufacturing industries. The fact that these developments have brought us closer to an era of open source alternatives for software provides an efficient opportunity for processing of data through intelligent means. It is these and many other factors that assist the growth of data analytics. This can be proven by observing the sharp rise in demand of CDOs, or chief data officers, in various firms worldwide.
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April 22, 2019
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Banking and Financial services are considered as the newest clients of Data Analytics, and probably this is because of the fact that banks tend to keep their data confidential. But now they have realized that with the help of data analytics, they can work with the Big Data and use it to increase their business and provide better services to their customers. As an estimate, more than 40% of the banks are ready to embrace data analytics in their systems.
Advantages of Data Analytics in Banking
a. Risk Management: Banking systems always have the risk of losing money when they give out loans. With the help of analytics tools, they can keep track of which of their customers is going to pay back the loans and which ones are going to mess up. Keeping track of behavior and purchasing habits is also easy through Data Analytics.
Banks can also assess the future trends of the market based on the data and decide if they need to increase or decrease the interest rates.
Data analytics also help in reducing the errors of data entry and identify problems in consumers’ data.
b. Reducing Frauds: Banks are the most fraud-prone industries in the world. Every year, billions of dollars are lost because of frauds. Data analytics can help banks in detecting the suspicious transactions and they can take action in advance to stop such activities.
c. Tracking Consumers’ Behaviors and Personalized Service: Not everyone’s financial goals are the same, and so this is important for banks to understand the conditions and goals of every customer in order to bring them the right service and investment solutions. Data analytics can also help the banks in categorizing their customers and focusing mostly on those who are going to be prospective for them.
d. Engagement of Employees: Employees are one of the most important pillars of any industry, and it is very important to identify the best employees and take measures to increase the efficiency of poor workers. Data analysis can help in analyzing employee performances. Companies can identify the best performers and praise them while helping the worst performers in improving their productivity. This is also helpful in reducing employee attrition.
e. Regulatory Compliance: According to the surveys, regulatory compliance is the biggest worries of as many as 68% of employees involved in the banking industry. The advanced BI tools can help in keeping track of regulatory requirement and they can scan through each and every file to check if they meet the compliance or not.
Scope of Data Analytics in Banking
Data analytics is having a big impact on all the major industries, and banking is one of them. According to Harvard University, no industry can ignore the importance of Data Analytics. Banks and Financial institutions need data professionals in large numbers, but currently, there’s a huge scarcity of data professionals. This, however, is good news for those who have appeared in this field, as the opportunities are endless.
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