As per the statement of ARUNDHATI BHATTACHARYA chairman, SBI biggest bank in India said that “Data is the new oil today”. No other sectors can capture the power of data analytics and predictive intelligence than the financial services sector. Which clearly states the power and importance of data for corporates.
If we talk particularly about BFSI sector government now also encouraging people to use the modes of online payment and try to adapt “Less Cash” Economy which develops the Opportunity as well as challenge for the Banking sector.
Face of banking sector has changed a lot in the past few years where the online banking applications are introduced which are capable of solving your many banking problems on the go, transactions can be made within seconds with the help of application thus gives power to you but also it generates a lot of data which is needed to be kept secured and organized.
SBI introduced it’s largest payment gateway recently which makes them more user friendly but the question is when the most of the tasks are online can we deal with such data?
It is the need of an hour to gain competitive edge over competitors it is very important for banks to be more technologically strong and come up with major IT innovations.
Also as per the data banks are hiring technical people and providing them training to handel such data to we can say that with this new employment opportunities will develop and Analytics is going to play a bigger role.