BANKING, TECHNOLOGICAL ADVANCEMENT AND BIG DATA

Utiva Data School X Global Banking Sector

Banking is becoming automated through technology, and the key to this lies in big data. Technology has greatly improved business processes. The advent of ATMs, online banking, bank mobile apps, Robot-calls, USSD shortcodes etc. have proven to be far more efficient than the traditional banking that we used to know as it reduces the time needed to perform a lot of banking activities and significantly decreases the human error associated. People can now
take loans or make investments from the comfort of their homes because processes like credit scoring and investment banking are automated.

DATA INTEGRITY AND ENTERPRISE ANALYTICS
The biggest unexploited opportunity in Banking analytics is the lack of ‘connectivity’ within the enterprise. For example, most financial institutions have built out separate analytics practices including marketing and digital (web, social, and mobile) analytics, credit risk analytics, operations analytics, fraud analytics and course compliance analytics. However, these teams are largely ‘siloed’ in their activities. There is a need to have an ‘Analytics Centre of Excellence’ to drive all the data needs of the organization; from strategy to
insights.

THE DAVID AND GOLIATH MARRIAGE
Future-focused banks are looking beyond the rivalry with fintech and brazing up for the inevitable marriage that must happen between the Large, Inefficient big banks and the Nimble, efficient small fintechs. Collaboration is the key between the fintech and banking industries. A recent survey by PwC found that 82
percent of banks, insurers and asset managers intend to increase the number of partnerships they have with fintech firms over the next three to five years. Banks have a customer base while fintech has cheap and efficient service solutions. The two can benefit by working together. Both banks and fintech have common goals. A typical example is the case of Wema bank and Alat. Launched in My 2017, Alat operates as a truly digital Bank. Was designed as a fintech but relies on the customer base of Wema to succeed.

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