Question

How are banks and other financial services use technology in predictive analytics, the problems they face and their possible solutions

Answer 1

Many banks and financial services providing entities are using technology to automate processes, offer innovative products and services to ensure regulatory compliance and improve bank’s connectivity. This consequently helps these institutes to offer customer friendly services and operations.With the advent of digitization, consumers prefer online services to carry out their transactions. Digital experience platform is changing the banking experience for the customers.

Banking technology helps in preventing any unauthorised access to money and fraud.It has played a very big role in reducing frauds in banks and to protect the interest of customers and clients. It improved numerous services like online shopping, online bill payment, online trading etc. The customer can make transactions simply by sitting at home, without even visiting bank. It helps the banks function in an organized way and thereby the efficiency is also increased.Low cost, time saving, increased efficiency, less paper work are some of the benefits accrued as a result of technology.

Customer profitability, Regulatory reform, Operational efficiency are some of the business drivers which increases the importance of analytics within the banking industry. Technology helps in identifying and analysing these business drivers and in resolving any problems.