Data Science has proven to be the best and quick support to the BFSI sector, and this has brought out a couple of key insights in the past which otherwise would be lost within the data forest. To know more about the growth and advancement of data science in the BFSI industry, Shruti Jain of Elets News Network (ENN), had a conversation with Dr. Sridevi Tandley, Vice President, Data Science- AI/ML, Mashreq Bank.
How significant is the role of data analytics, automation and AI for today’s banking industry’s growth?
As it is seen in the modern days, one thing which is constant is the CHANGE. The customers’ needs are changing at high speed and this can be observed only by using the latest information which is coming straight from the latest customer experiences… which is available in social media and internal unstructured forms. Thus, this unstructured data analysis along with the continuous changing trend in sales volume can be best observed using AI & ML techniques.
In India, the market for AI is just beginning to grow. How do you see its relevance today, especially amid the uncertainty?
Indian banking system has recently started capturing their customers’ opinion and trend in the market to better strategize their banking products branding and sales. Based on the life cycle of the client (like: age category, shopping pattern from transactions and types of social media presence) each banking product can now be easily personalised. This hyper- personalisation is now a reality, thanks to various cloud-based computing capacity which assists us in running these AI/ML models which require a lot of computing space.
How is Data Science helping the BFSI industry in creating enormous opportunities & demands for consumers?
I have applied best Data Science strategies to achieve efficient Cost-Benefit strategies across the BFSI industry – be it the Retail Banking, Corporate and Investment Banking, or Insurance domain.
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Data Science has proven to be the best and quick support to the BFSI sector, and this has brought out a couple of key insights in the past which otherwise would be lost within the data forest.
In what ways has the pandemic benefited your customers and the bank?
In the present stagflation scenarios after the pandemic crisis, Governments are looking forward at both the monetary and fiscal policy measures to come out of the same. Banking is playing as a key national instrument in benefiting the public and the economy to come out of this stagflation situation which is combined with both Inflation and Stagnation in the economy.