Posts Tagged ‘fintech’

Leading Digital Transformation with Data Science

Posted: January 6, 2022 by Virendra Yaduvanshi in Database Administrator
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An immense volume of data is waving into and out in today’s businesses, but it becomes more complex to know how to convert this data into actionable insights. On the other side, data science has an incredible perspective for all types of businesses to design models that further define trends and use them as the foundation for transformative software, i.e. from locating IoT devices to predictive analytics. These models are used to augment customer experience, processing efficiency, user engagement, possible conditions where data can crack difficult problems. The market for Data Science services is increasing with the speed of light, it plays a vital and crucial role in helping to transform our business digitally when many companies are looking to unlock the strength of business data that lacks with the demanding proficiency and support.

Digital transformation is the all-embracing transformation of multiple activities that an organization control to leverage opportunities produced by digital technologies and data. It touches the ubiquitous era of digitalization regardless of the size and worthiness of the industry like,

  • It reflects the digital trends in terms of operations and policies that make severe changes in how businesses control and assist customers.
  • It depends on organizational data to achieve targets more efficiently and abandon values to customers, but how we catch in the next section.

The native components that are very likely to transform are its business models, operations, infrastructures, culture, sorted quantitative and qualitative modes of searching for new sources of customer values. No wonder, Digital transformation covered all the domains of business regarding product innovations, operations, finance, retailing marketing strategies, customer services, etc. The term “DIGITALIZATION” not only speeds up the business process and performance but also delivers business opportunities. It also improves the outpace of digital disruption and fixes the position of a person in the fast-growing business environment. Consider the situation where an individual wants to recognize

  • Which sections need to be transformed,
  • How to drop the risk factors,
  • How to withdraw unwanted pitfalls from resources.

Most of the industries have chosen data-driven approaches to digitally transform their businesses, infact various big data technologies are available to follow the appropriate data-driven approaches. In short, companies are using data science and associated technologies to make the environment completely digital, and BI for gathering, computing, and interrogating their business data that moreover can be turned out into actionable insights. The latest surveys show that more and more organizations are embracing data science as a service to reach a large resource of data experts for enhancing their decision-making. Experts are able enough to generate digital strategies and plans either in terms of increasing revenue and reducing costs or improving efficiency.

The below are the multiple ways when data science acts as services to add value in business.

Authorizing decision-making via a data-driven approach – Like data science, digital transformation is a convoluted process, i.e., customer data combined with appropriate business operations can leverage to make informed conclusions while restricting unwanted risks. With data science capabilities, we can find out how to transform business digitally and which area of business needs to transform.

Classifying warnings, opportunities, and scopes via data-insights – The volume of available information and insights are rapidly growing with the increased volume of data which indirectly initiates the opportunities and hence scope to grow for business as well as the individual. Data science services make organizations capable to cope with the deficiency of data experts and give a detailed description of their business environment. Data science is a technique that enables next-generation outcomes to predict what is going to happen and how to preserve it from risks if any. Data science enables organizations to have real-time visibility about their customers, support in making decisions to optimize the internal process for larger activity, expanded flexibility and reduce the cost.

Adding more values with Machine learning: Being a major part of the data science ecosystem, machine learning can stimulate digital transformation more effectively in bioinformatics and other industries. It supports to break massive data to identify trends and exceptions. One impactive approach is Artificial Intelligence which uses machine learning algorithms to deliver insights, designing timelines models and anticipating chances where disruptions occur.

Leveraging AI in Fintech

Posted: November 27, 2021 by Virendra Yaduvanshi in Database Administrator
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Coding Artificial Intelligence GIF by Matthew Butler


AI has a whole host of practical uses not only in the fintech industry but in the wider finance world, and even the wider world beyond that. The general gist of AI is that it solves problems, it allows companies to save both time and money. According to the prediction from many Research, AI technology will allow financial institutions to reduce their operational costs by 22-~25% by 2030. Adopting AI enables the industry to create a better environment for the customer, providing better customer service through a variety of different business activities.
In many instances, the practical use of AI is to do with data and enable companies to analyze that data in an efficient strategic way. Organizations particularly financial institutions will often have streams of data on their consumers but will rarely do much with it due to the time it would take to go through and analyze in order to find anything meaningful. This is where artificial intelligence comes in, as AI and machine learning are very effective at analyzing large amounts of data in real-time, then taking that data and drawing conclusions or recommending actions.
One example of applying AI with data is for banks to decide whether someone is creditworthy. Banks and other financial institutions want to be able to offer credit to their customers, but they want to be able to price for it accordingly, i.e., they don’t want to overcharge trustworthy customers or undercharge customers that may be more of a risk. Traditionally, to determine someone’s creditworthiness you would look at their credit scores, credit bureau data kept by agencies like Experian. However, by utilizing AI these institutions can look at their own customer data that they have and draw conclusions from there. From these large portfolios of consumer data AI can infer different kinds of relationships. Details like your job, where you live, or where you work are more obvious sources.
Another way AI’s data analysis can be used is for fraud detection and prevention. AI and machine learning solutions can react to the data they are presented in real-time, finding patterns and relationships and even being able to recognize the fraudulent activity. As we can imagine, this is hugely beneficial to the financial world as an unbelievable amount of digital transactions take place every hour, with heightened cybersecurity and successful fraud detection a necessity. AI takes the brunt of the work away from fraud analysts, allowing them to focus on higher-level cases while the AI ticks along in the background identifying the smaller issues. An example of how AI can detect through is by detecting anomalies, so going back to our banking scenario, perhaps a person has tried to apply for 10 identical loans in 5 minutes, the AI computer would be able to detect this as an anomaly and flag it up as suspicious. The machine has a baseline sense of what is “Normal” and when something deviates from that it can identify it and review it.
Other use cases of AI include automated customer support. We are all used to seeing chat boxes pop up at the bottom of our screens when we are browsing the internet, and these are of course AI bots primed and ready to help out. Companies can simply load up their most commonly asked questions and tell the BOT what answers to give, also instructing it to refer the customer elsewhere on more complex issues. Being able to answer frequently asked questions about the company or the product/ service it provides gives a better experience for the customer, as they get the answer to their query straight away, as well as saving the company time and money from not having to employ someone to sit and type responses or can have a worker direct their attention elsewhere.