Banking and finance sector have undergone a key transformations in the past decade with digitization penetrating every aspect of daily operations. With digitization came the data. To be able to master key banking and finance-based operations, it is important for the professional to be able to manoeuvre data. Therefore, mastering data analytics is the key to move into the next level of one’s career in banking and finance.

The Banking and financial sector have perennially struggled with streamlining and leveraging the humongous amount of data. So, the big bet is on data analytics that has revolutionized the banking and financial system by transforming the surplus data into customer insights. These data points and insights have secured not only the sensitive customer data but have also fine-tuned the daily operations and ushered great returns. NASSCOM predicts that by the year 2025, the data analytics industry will carve a market share of staggering $16 billion. This growth will be majorly driven by BFSI for resolving issues in terms of profitability, risk assessment and business performance.

Going forward, banking professionals have to work diligently work towards becoming a data master, leveraging these three critical trends such as

Adaptive Analytics- Adaptive analysis is all about using algorithms to derive accurate real-time market data. Most banks use it to analyse customer investment patterns and thereby, enabling marketing teams to custom tailor effective marketing campaigns.

Predictive Analytics- Predictive analysis leverages AI and machine learning to analyse data and predict future outcomes. The credit score models are one such example. Also, predictive analysis helps with budgeting and planning the finances.

Data Visualization- Data visualization entails the sorting, arrangement, and representation of data in various visual formats for deriving critical insights. This representation helps predicts patterns and trends thereby, helping banking professionals gain significant insights into risk management. Interactive and smart dashboards enable bankers in unearthing risk possibilities and also map the performance of product portfolios.

So, each of these data analysis techniques employs a plethora of tools and the new age banking professionals have to be adept to each of these. The BFSI operational ecosystem is transforming at a phenomenal speed and therefore, the time is rightto explore professional course such as Executive Programme in Banking and Financial Sector offered by IIM Calcutta in collaboration with Hughes Education. The course curriculum entails an extensive module on Quantitative Tools and Fintech to empower banking and Fintech professionals to have an in-depth understanding of the functional aspect of the analytics. This would not only help in leveraging critical data points but also enable them to take critical decision supported by data. Backed by academic, functional learning and experience, a banking professional can bring a great deal of value to the daily operations.