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Data Analytics in BFSI: Time to Unlock Value

Prab Pitchandi

Global Head, Chief Data Officer Initiatives, Banking, Financial Services and Insurance, TCS

Ninad Ghaisas

Senior Solution Architect, Chief Data Officer Initiatives, Banking, Financial Services and Insurance, TCS

Nikhil Mujumdar

Senior Consulting Manager, Chief Data Officer Initiatives, Banking, Financial Services and Insurance, TCS

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Unleashing the value of data with analytics

Banking, financial services and insurance (BFSI) organizations hold abundant data. Analyzing this data can generate business insights for customer experience transformation and help identify monetization avenues. In addition, data analytics can help turn BFSI organizations into insights-driven businesses besides improving business value and operational efficiency. Adopting insights-driven operations will also help BFSI firms  spearhead innovation and meet changing customer needs. Achieving this will require firms to derive insights from data scattered across the organization. To transition into insights-driven organizations, BFSI firms will need to:

  • Use front-to-back insights: analyze and correlate data across applications, functions, processes, controls, and lifecycle or events
  • Adopt predictive operations: combine past data with knowledge of current market conditions and other relevant situations to predict the future
  • Enable ‘zero-touch’ data operations: use statistical and ML techniques to generate insights through profiling and correlation of front and back office data

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