In 2004, HDFC Bank in India started thinking about investing in analytics with an aim to revolutionize the banking sector in India. It took them a few years to build the framework and once they achieved that, the overall picture of a typical customer became clear to them.
They could then identify who was an ‘active’ customer, who was a ‘long-term’ customer, and, for that matter, who was just having an account for the sake of having it. The offers were sent out accordingly, so were the add-on benefits, and all these, in turn, helped them strengthen their framework and, more importantly, the trust the customers had in them. In June 2014, the NPA for HDFC bank stood at 1.1%, one of the lowest achieved in Indian banking. The investment in analytics and, subsequently, machine learning in finance , had reaped them rich benefits. The results were there to be seen by everyone.
Other banks have followed suit, and none could complain that investing and trusting in analytics have not worked out well for them. In fact, the whole BFSI domain has benefitted from the emergence of analytics applicable data science in finance and deep learning in finance.
Let’s look at some of the key areas in which analytics have intruded and made massive favourable changes:
There are other functions that analytics successfully does for the bank. But, overall, the players in the BFSI domain must successfully integrate data science in finance and deep learning in finance in their decision-making process. The important insights generated must lead to the building of implementable strategies. Every passing day enhances and, perhaps, emphasizes the importance of data science in finance and data science in the banking sector.
Fill in the details to know more
4 Things You Should Know About Industry 4.0!
July 21, 2022
Artificial Intelligence Future: Comprehensive Overview(2022)
March 8, 2021
7 tips from a data scientist to data analyst
November 15, 2019
Capstone Project in PGPDM – A key differentiator
September 28, 2019
Our PGPDM student, Krishna Punyakoti, talks about applying for jobs and cracking interviews
August 1, 2019
How to Consolidate and Diversify in your Analytics Career
February 25, 2019
Add your details:
By proceeding, you agree to our privacy policy and also agree to receive information from UNext through WhatsApp & other means of communication.
Upgrade your inbox with our curated newletters once every month. We appreciate your support and will make sure to keep your subscription worthwhile