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Public sector banks plan to establish verticals for big data, analytics

PSBs will also launch digital-only goods, services in the upcoming year with minimal data entry requirements, automated checks, and underwriting for consumers

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Banking Industry | public sector banks | finance sector

BS Web Team  |  New Delhi 



Bank
PSBs are undertaking new measures as part of the banks' reform agenda, Enhanced Access and Service Excellence (EASE 5.0)

With an aim to move toward more data-driven decision-making, (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 to improve data-driven, integrated, and inclusive banking.

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.

Also Read: India Ratings revises FY23 bank credit growth estimates to 13% from 10%

" will expand the portfolio of end-to-end digitalised banking services and introduce 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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First Published: Thu, September 29 2022. 09:11 IST

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