According to TechSci Research report, the global data analytics in banking market is expected to witness steady growth in the forecast period. Data analytics is defined as the process to gather, analyze, and interpret complex data sets that contain both structured and unstructured data. Data analytics helps in streamlining the sales process and can improve the results of direct marketing. It can also be used to provide better customer support to customers by storing the data about the issues faced by the consumer and the solution to their problems beforehand. Thereby, with the use of data analytics technology the banks can deliver services to the consumers in the shortest duration of time and with quick results. Fraud and theft activities are the major issues faced by financial institutions. Banks are actively using the data analytics technology to increase the trust of customers by using the technology to make customer profiles and analyzing the customer’s behavior and data to detect fraud activity.
The COVID-19 outbreak across the world which has been declared as a pandemic by World
Health Organization has affected several countries adversely. Coronavirus-affected patients
started suffering from shortness of breath along with coughing and sneezing. Leading
authorities around the globe imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. To practice social distancing and to avoid contact with other people, the users started using the banking services with the help of online channels. Banking institutions actively incorporated the data analytics technology into their system to increase customer retention and acquisition based on the insights provided by the data analytics technology.
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According to TechSci Research Global data analytics in banking market is segmented into
deployment type, type, solution, end user, regional distribution, and company. Based on the
solution, the market can be divided into risk management customer analytics, portfolio
management analytics, trading analytics. The risk management customer analytics segment
is expected to witness growth in the forecast period, 2022-2026. Risk management customer analytics can be further divided into credit risk assessment, fraud detection and
management, stress testing, and others. Risk management customer analytics allows the
banks to make calculated decisions based on the history of the consumers and the proper
analysis of the data which aids in generating smart results.
IBM Corporation, SAP SE, Oracle Corporation, Microsoft Corporation, Google LLC, Amazon
Web Services, Inc., TIBCO Software, Inc., Hewlett Packard Enterprise Co., SiSense, Inc.,
Mu Sigma, Inc., Dell, Inc., Alteryx Inc., Teradata Corporation, Wipro Ltd., SAS Institute, Inc.
are the leading players operating in global data analytics in banking market. Service
Providers are increasingly focusing on research and development process to fuel higher
growth in the market. To meet evolving customer demand with respect to better efficiency
and durability, several data analytics in banking providers are coming up with their technologically advanced offerings.
“With the growing adoption of data analytics technology in banking institutions, the banks
can lower the risk costs through the use of analytics-aided techniques involved in the
process of advanced early-warning systems, next-generation stress testing, digital credit
assessment, amongst others. The growing adoption of digital banking platforms among the
consumers due to the ease and convenience offered to the consumers and efforts to make
the banking more customer-friendly is expected to create lucrative opportunities for market
growth. The surge in the demand of the e-commerce apps and sites among the consumers
and the quick and easy process of financial transactions is expected to propel the market
growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.