Changing Scope of BFSI in India - The Data Science Revolution

One of the ways to ascertain the legitimacy of new technologies is by their entrenchment in banking and financial services. Going by the developments in the BFSI sector the last couple of years, Digital Disruption is here to stay and brings with it newer roles fuelled by Data Science, AI and Machine Learning (a.k.a New Age Skills)

The rise of Digital Payments and E-wallets have shaken up the BFSI sector. New-age skills can be leveraged to get into roles that are going to define the next 5-10 years. How do you go about this?

Let’s start with the basics.

What is Fintech today?

The mobile revolution has broadened the scope of Fintech to technologies such as Blockchain, AI, Machine Learning, etc. that optimize banking and other financial processes.

What opportunities does Fintech bring?

• Recommendation Engine & Personalization  
• Experimentation (A/B Testing)
• Marketing Emails, Targeting, Timings, click-throughs
• Customer Due Diligence
• Transaction Monitoring
• Watch List
• Regulatory Reporting

Scope in Banking –

• Customer analytics, segmentation, attrition analysis
• Customer and Products Profitability analysis
• Fraud analytics, prevention & detection
• Anti Money Laundering
• Risk analytics, credit risk analysis

Scope in Insurance –

• Identify the Risk factors
• Decide premium based on the risk factor
• Historical data to be used for building patterns
• Keep adding data and update model
• Metrics – Profit / Losses per policy

Now that you have a better idea about the Industry wide changes and opportunities for newer roles, how exactly do you leverage this to kickstart your Data Science career?

You can head over to our Data Science Skills page to find more resources and explore various Bootcamps to upskill with essential tools and techniques.

Don’t forget to check out our Data Science for Decision Making Bootcamp starting on Oct 1st, 2018.