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Analytical Trends in the Indian BFSI Sector

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Analytical Trends in the Indian BFSI Sector

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  1. Analytics for Finance & Accounting Analytical Trends in the Indian BFSI Sector Not to ignore but to improve with changing time and market

  2. Analytics for Finance & Accounting Bringing CRM to the BiG Picture • Only 51 percent of retail banking customers have a reliable online banking experience. • This makes it primary for the banking industry to incorporate smart personalization • Learning from the past customer data can give a better idea to know how’s & What’s • Banking sectors are using predictive analytics on people demographics • To assist accuracy to the present customer management system

  3. Analytics for Finance & Accounting Open banking to check customer data loss • The emergence of the ‘Neo’ banks in India is targeting open banking goals • Open banking allows secure data-sharing through APIs to provide new financial services • The transparency over data sharing allows the banking sectors to place better predictions to personalize the banking services • Further, open banking benefits micro to small businesses with APIs to manage payrolls, accounts, and inventories

  4. Analytics for Finance & Accounting Banking as services or ‘BaaS’ • A new-fangled term for a suite banking services offered by the non-banks • These non-banks have high customer preference which acts as a part of customer retention • The non-bank policy is to hold the maximum share of the customer wallet • In turn, they engage customers with cashback, coupons, and others offers • Decisions are taken by analyzing the customer’s buying habits, spending patterns, and other spectrums

  5. Analytics for Finance & Accounting Gamification of finance Services • All new way to collect customer information by play & win contests • This is breaking the historic barrier in acquiring customer data to operate secure accounting services • A two-way benefit, awarding customers for rewarding data • Non-standard of background verification of the customers • A smart way to anchor customers and to place better banking services

  6. Analytics for Finance & Accounting Digital or Virtual banking Services • The Indian banking sector is yet to comply with the virtual banking concept • 85 % of Indian customers prefer visiting bank branches for convenience • Lack of quality control over the digital platforms • The dearth of skilled analytics professionals to forecast customer feasibility at banking services • As India turns digital, the banking sectors need tech-savvy finance professionals to tide over contains • Therefore upskilling with industry-ready courses is the key to career success

  7. Analytics for Finance & Accounting Thank You ! For Program infoDo Visit theMiles Education Website!

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