Exploring the Potentials of Smart Data Analytics in the Banking Industry

Abstract

The Indian banking industry is undergoing significant changes due to advancements in technology and increasing adoption of smart data analytics. One of the key trends driving the industry's future is the increasing digitization of banking services, facilitated by the growth of digital payments and mobile banking. The use of digital payments has resulted in the collection of large volume of data on customer behavior and preferences, which is being used by banks to assess their credit worthiness and manage the risk. The Government has introduced initiatives to encourage digital payments and the Covid-19 pandemic has further accelerated the adoption of digital banking services and data explosion.