Banks can scale new heights with data science

AMID the ever-present Big Data buzz, some global banks have mastered the art of using data science and are already reaping benefits. Riding on Big Data, they have managed to improve customer engagement, revamp products and optimise marketing outreach, risk management, pricing and ongoing cost reductions. Meanwhile, others are still trying to make sense of where these emerging technologies and techniques fit in. At some point, banks of all sizes, shapes and forms need to incorporate data science into their operating models.

The future of banking will be determined by how well banks use technology to maximise their accumulated wealth of transactional and interactional data to better understand hidden patterns of customer behaviour and make necessary service improvements by customising existing offerings to properly align the right products with the right customers.

ANALYSE, UTILISE, MAXIMISE