Understanding the Relations in Data Science, AI and Banking Operations

There are numerous ways that data science is transforming the business ecosystem. The most direct impact of data science has been in the field of software development and mobile applications, and these software bundles are used across various industries such as manufacturing, automotive, medicine, Human Resources, and so on. However, the one industry that has witnessed the most dramatic transformations with Data Science and AI is banking and finance. 

If you are a banking professional or planning to apply for banking examinations, it’s a great time to enroll for data science training in India. 

Here are 5 trending developments in the field of Banking operations that have a direct correlation with developments in AI and Data Science training. 

Banking Customer Management

Many private and government-backed banks have a Customer Relationship Management (CRM) that allows the bankers to keep a track of customer transactions and preferred services that the customer may want to opt for through internet banking or mobile apps. Data Science concepts have evolved with CRM demands, as customers prefer to complete their banking transactions from their remote locations instead of going to the bank physically. To ensure that the customer’s digital profile and actual identity remains consistent to banking behavior, banks like HDFC, SBI, Standard Chartered Bank, IndusInd, and others have begun to use data science based CRM systems.

Targeted Advertising for banking products

There are countless banking products that the customer may not be aware of. There have been cases in the past where bank representatives have been slow to respond to customer’s product needs and requirements. To solve such a scenario, bank operations use something that is very similar to Google Advertising or Amazon Advertising. They use targeted advertising that is programmatically determined to meet customer’s needs every time he or she logs in to the website or any other relevant webpage that features a bank’s product ads.

These are managed by data science. 

Voice and Speech Recognition

Banks are deploying computerized voice command centers to identify a customer. Many new banking apps are using voice and speech recognition software to help new customers log in to their mobile apps for the first time. Since we are staring at a new era of password free login experience, the data science training operations for voice and speech recognition banking apps are at an all time high. 

Robotic Experience

Yes, we are talking about physical androids or simulated humanoid robots that greet customers whenever they visit the bank. These robots are deployed at the entrance, at telecaller centers, or at ATM Kiosks to help customers freely transact in a human free environment.

During COVID-19, with new social distancing norms in place, the role of such humanoid robots that simulate a humanized banking experience in a digital manner has grown immensely. They are safe, secure and 100% “cyber vaccinated.”

As a banker with data science training, you can stay ahead of the current AI / ML and analytics trends.