Data Science in BFSI Sector - Importance and Benefits for Entrepreneurs

Data Science is helping the banking industry become smarter in managing the myriad challenges it faces today. While basic reporting and descriptive analytics continue to be a must-have for banks, predictive and prescriptive analytics are now starting to generate powerful insights, resulting in a significant value add. Banks are increasingly using machine learning to power their operations, but the adoption of these new technologies is not widespread across the other departments. The road to comprehensive implementation of machine learning to solve challenging business problems in banking is fraught with technological and organizational challenges. Moreover, banks today generate huge volumes of internal data (customer accounts, credit scoring, payments, assets, etc.) and now need to understand its linkages to external data (interest rates, macroeconomic variables, and customer preferences).