Data, as we know, has been the driving factor for many a sector and organization. And one sector where it adds extreme value is the one which deals with capital – banking and finance. Finance has a crucial role in boosting the value and growth of a business and banking enables asset and wealth generation. As key business and economic functions, banking and finance overlap with analytics as they inherently deal with data. Applying analytics to financial data opens whole new avenues of insights and understanding of the business, the market, their performance, and their growth.
There is an increasing demand for banking and finance professionals with analytics skills. Concurring with us is Sandhya Kuruganti – an accomplished analytics leader, practitioner, and author with over 20 years of experience. “The banking sector has become a commoditized marketplace with almost every bank offering similar products and services. To stay competitive, data analytics led strategy based on customer insights can be a key differentiator to staying competitive – building bank market share and profitability and enhancing customer experience.” says Sandhya.
The application of analytics to banking and finance is crucial, profitable, and extremely rewarding, both for organizations and professionals. We already know that jobs in the analytics domain offer superior pay and growth opportunities. When asked what are the skills that she would like to see professionals develop for this domain, Sandhya says “Practical application of analytics to business issues is needed, which requires understanding of the business problem and its drivers, the appropriate analytics solution, expected business benefits and flawless implementation.”
What this essentially means is a successful analytics professional in the banking and finance sector needs to have a well-balanced amalgamation of business domain knowledge, technical proficiency, and thought leadership.
The analytics market in India is growing in leaps and bounds. “The analytics industry in India has made progress in terms of adoption across industries, yet it is nowhere close to its potential being tapped. We need more serious orientation to making analytics a core business function and an integral part of everyday decision making”, adds Sandhya.
And once data does become a key factor in decision making across functions and domains, analytics skills will be even more sought after. Are you ready for the data revolution?
Big Data Analytics in Banking Industry