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With an aim to move toward more data-driven decision-making, public sector banks (PSBs) will create specialised verticals for big data and analytics, reported The Economic Times. The move is in response to the government’s order for financial institutions to improve data-driven, integrated, and inclusive banking.
Public sector banks will also introduce digital-only products and services in the next one year with minimal data entry requirements, automated checks, and underwriting for individual consumers and micro, small, and medium-sized businesses.
These metrics will be part of the banks’ reform agenda, Enhanced Access and Service Excellence (EASE 5.0), according to a senior bank executive.
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“Banks will expand the portfolio of end-to-end digitalised banking services and introduce digital banking solutions for value chain financing,” the executive said to The Economic Times on condition of anonymity. He further added that these measures will help lenders improve big data capabilities and inculcate a culture of data-driven decision-making.
Another bank executive asserted that lenders will look at developing a single view of legal proceedings related to loan recovery, including integration of loan-related information from internal and external data sources.
The practice of data analytics by banks will also be used to speed up the detection and mitigation of fraud, including tracking of fraud with connections to employee compliance.
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