Kerala-headquartered Federal Bank faced a major issue wherein they had to spend a huge amount of money as a part of interbank charges. However, through analytics, the bank was able to determine the areas where new ATMs had to be set up. Result? Its customers did not have to go to other banks’ ATMs for transactions and the interbank charges that the bank had to bear got drastically reduced.
This is just one among the many other instances of how data has emerged as a boon for the finance industry. It has proven to be an invaluable asset for organisations amid the pandemic as well. This is because, as people shun human contact, digital payment has been on the rise, leading to the generation of the colossal amount of data. Thus, through analytics, financial organisations can gain insights into how their business is performing as well as track the behaviour of existing and prospect customers. Based on the result, they can also formulate their marketing strategy accordingly.
Among the companies that have been developing analytics tools is WGD Analytics. Its range of solutions includes social media analytics, data analytics and security analytics. Analysing the data that it has been provided with by the client, WGD Analytics delivers sector-specific solutions in such a way that privacy and security are maintained at all levels.
In addition to its use-cases in terms of understanding customer behaviour, data analytics is oftentimes leveraged for hiring employees as well. Analysing the algorithm-based video interviews, it predicts the performance of candidates based on their tone of voice, facial expressions, etc.
While data undoubtedly holds numerous benefits for financial service providers, at the same time, it also comes with inevitable challenges. This is why it is crucial for those organisations to have a flexible and scalable data lake in a place, along with effective AI and ML tools at disposal to complement the function of data analytics solutions.