The Indispensable Driving Force in Banking? It’s Analytics!
By Aditi Bhat
As a data science student, haven’t you ever wondered if data analytics is going to be the force driving transformation in every industry? How data insights will impact key business decisions to take the foremost position in every boardroom meeting?
It’s already happening and you can tell by the way data scientists are labeled as the most in-demand talent in different sectors. Banking in particular leads the way by claiming 41% of all jobs posted for data science & analytics in the Indian BFSI sector.
Sneak peek into how analytics is driving the banking sector
Manipal ProLearn and Equifax jointly conducted a webinar on 13th November, which was the first webinar event hosted after the ProLearn-Equifax association was announced a few months ago. The webinar focused on the growing importance of analytics within the banking sphere. The hour-long interactive session was led by Shruti Joshi, AVP Analytics at Equifax, where she shed light on the topic ‘How Analytics is driving the banking world’.
In the webinar, Shruti navigated the viewers through the critical role that analytics plays in retail banking. The shifting trend of retail banking towards individual customer journey deeply relies on analytics to gain valuable insights.
Analytics has empowered retail banks with data-driven insights to drill down for answers like when does a customer graduate to next product, how has the customer grown post onboarding, which region in the portfolio is performing below industry average or how is the cross selling performance etc.
Using a case study to show real life applications of analytics in banking
Shruti further explained with a case study to test hypothesis related to customer profiles and associated risks for a leading bank to help better understand the nitty-gritty of analytics and why analytics is at the core of what credit bureaus do. She emphasized on the fact that credit bureaus like Equifax specialize in data analytics techniques and insights that help in better understanding of customer credit behaviour. These insights are highly valuable for retail banks and this is what makes analytics a much sought-after skill in this domain, she concluded.
Making students industry-ready
Manipal ProLearn strives to make students industry-ready from day one and industry interactions with leading companies like Equifax is a step in this direction. With India having the most number of big data analytics jobs after the US, as per a 2018 survey, such academia-industry collaborations will play a key role in creating talented data analytics workforce for tomorrow.
Bridging the industry-academia gap
Manipal ProLearn’s recent partnership with Equifax, a global leader in consumer credit reporting, is aimed at providing invaluable industry perspective to data science students. Thought leaders from Equifax like Shruti Joshi impart practical knowledge and insights to ProLearn students through live interactions as well as webinars that are conducted frequently.
The rapid development in the field of data science makes it vital for academia to match the speed of industry innovation and ProLearn students are hugely benefitting from Equifax industry experts by getting a first-hand experience of the real world applications of data science.