On 4th October 2020, the students of SIDTM Batch (2019-2021) were given an insightful session on Digital Transformation and Analytics in Finance by Ms. Neha Pansari. She is the Deputy Vice President- Analytics and Audit, Axis Bank, and has been associated with the Banking and Finance sector for almost 10 years.
Into the field of Analytics
The session began with Ms. Pansari providing an overview of the agenda and her own background with relation to the field of Analytics (AI/ML) in the Banking Sector. This gave us an opportunity to understand the perspective provided by Ms. Pansari. The next topic to be covered, in slightly more detail, was the government focus on Digital India. There are 3 pillars of the Digital India- Digital Infrastructure, Delivering services digitally and Digital literacy, which is in line with the National Digital Communications Policy (2018). From there, specifically, the data points in digital access to financial accounts and the increase in mobile logins and use of mobiles for bank account logins were discussed, which gave us the comparative picture of the last 2 years. It can be seen that one-third of bank customers are proposing to use bank branches much less or not at all. The big consumers and producers of data are the public and the technology giants, Google, Facebook, Microsoft, and Amazon. The scale of data is nothing short of amazing and the world is producing copious amounts of data to the tune of 10^12 bytes per day.
How is data shifting organizational priorities?
With the massive size and sheer scale of this data that organizations are expected to manage, Digital Transformation is the need of the hour. It is observed that the cost pressure and customer expectations require rapid action and digitization along with strict guidelines by the regulators to be enforced to ensure that data is correctly handled, especially financial data, which is not meant to be collected or used without permission. The changing business landscape and the business initiatives to the highest level are now driving a shift in customer experience and organizational culture and are also improving efficiency. But it is not sufficient to ensure the high ROI in business with new concerns of Governance, Data Privacy, and Cybersecurity emerging on the horizon.
A Practical Dive-In
Ms. Pansari also highlighted what the future of digital adoption in some sectors is expected to look like. She highlighted the growth in usage of AI, RPA, and ML in the Banking and Financial sectors specifically. Finally, the Analytics models and their use cases were discussed.
The session helped us to gather a lot of detail on how Analytics and Digital Transformation are empowering the industry today and the students were excited to have Ms. Pansari as an expert guest of our institute for the session.