Transforming the Way Banks Operate: Impact of Analytics on Banking Industry
In today's world, where technology is advancing at a rapid pace, the banking industry is also keeping up with the changes by implementing analytics in its operations. Banking analytics has revolutionized the way banks operate, making the industry more efficient, effective, and customer-centric. What is Banking Analytics? Banking analytics is the process of using data, statistical, and quantitative analysis techniques to provide insights into the banking industry's operations. It is a subdomain of analytics that focuses on the financial industry, including banks, credit unions, and other financial institutions. Banks use analytics to improve their financial performance, enhance customer service, mitigate risks, and make better decisions. Banking analytics encompasses several sub-domains, including finance analytics, finance service analytics, and insurance analytics. Benefits of Banking Analytics Improved Customer Service Analytics has enabled banks to provide personalized serv