DATA SCIENCE/USE CASE/BFSI/BANKING
Top 15 Breathtaking Applications of Data Science in Banking
What is more important for the banks — Money or Data?
Written by Ekta Shah & Yogesh Kothiya
Bank as an entity is something with which we are very much familiar. We don’t really need any formal introduction 😝. Adoption of technology in the banking sector is happening at a fast pace to keep pace with the competition, especially after the financial crisis in 2008. It also very essential for banks to use technology because of the nature of business and security. Also, today it is inefficient and almost impossible for any business to make decisions that are not data-backed. And banking sector is no different.
When’s the last time you visited your local bank?
The primary function of a bank is in borrowing and lending money. We as a customer deposit our hard-earned saving to the bank. In return, they pay us annual interest. The bank plays a crucial role and uses the majority of these deposits to extend financial support in the form of loans to the businesses that want to invest and grow. Individual customer can also reach out to the bank for various types of loans which includes home loan, car loan, educational loan, etc…
