DATA ANALYTICS IN BANKING
The use and its importance in the banking sector are explored, with special emphasis on fraud detection, and the usage and its fruitage is explained with the help of three case studies of this country.
Abstract
Data Analytics has proved to be hugely significant in various domains of the industry. In this paper, we will explore the use and its importance in the banking sector. The implementation of this technology will create a win-win situation for the company as well as the end user, re-defining the experience as a whole. The paper answers questions like why and how is DA a necessity in the banking industry today. It also highlights the different areas of banking; DA can be useful. Special emphasis is given on fraud detection, which is one of the major problems faced by the industry. With enough proof for the increase in the usage of this technology, millions of dollars are regularly being invested in the Research and Development. While exploring the cons of the process, this paper will explain the usage of the new technology, and its fruitage with the help of three case studies of our country. With an obvious idea of its advantages, the disadvantages of this venture also need to be analyzed.