FOCUS 2021: ACCELERATED PROBLEM DETECTION & PRE-EMPTIVE ACTION

The banking system is on the constant lookout for high-quality data, emerging technologies and a robust FinTech strategy to will assist them, says Jaya Vaidhyanathan, CEO, BCT Digital (Bahwan Cyber Tek group)

- Sunil Rajguru

How are we handling the absolute explosion of data of the modern age further pushed by the Covid crisis? What are the kinds of analytic tools that are helping us cope?

In the past, the banking sector has handled customer data primarily within their internal systems like Core Banking system or Loan Origination system. Today, the quantum of data that they can leverage is so enormous and can be overwhelming to make a distinction between good and bad data and to process it towards good decisioning. Even in pre - Covid times, we were using AI to identify NPAs by helping bankers identify large risky accounts and flagging it off for action.

A black swan event like Covid-19 has accelerated the use of AI, Predictive Analytics, BigData in the banking sector through Fintechs. Bankers now need to quickly measure the impact of a pandemic on their growth and recovery. To depend on even the best of human analytical expertise, this could take months or years to comprehend.