In an effort to shift to a more data-driven decision-making approach, state-run banks will set up dedicated verticals for big data and analytics.
The move follows a directive issued by the government to banks in order to improve data-driven, integrated, and inclusive banking.
A number of public sector banks will also roll out digital-only products and services during the next year, designed for minimum data entry, automated checks, and underwriting for retail customers as well as micro, small, and medium businesses.
A senior bank executive confirmed the development and said these metrics will be part of the banks’ reform agenda, Enhanced Access and Service Excellence (EASE 5.0).
According to the executive, “Banks will expand the portfolio of end-to-end digitalised banking services and introduce digital banking solutions for value chain financing,” adding that these initiatives would help lenders strengthen big data capabilities and foster a culture of data-driven decision-making among employees.
Another bank executive who is familiar with the development said lenders will consider developing a single view of legal proceedings related to loan recovery, including the integration of loan-related information from internal and external sources.
Additionally, banks will utilize data analytics to increase their detection and mitigation of fraud, including tracking fraud with links to employee compliance.
