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

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