Data and Analytics are Ruling the Fintech World

Data is no longer measured in terabytes (a thousand gigabytes) but in zettabytes (a billion terabytes).

Data is lifeless unless you have a tool to analyze and visualize it! In simple terms, an Analytical tool could prove to be a drop of water to barren unstructured, raw amorphous data.

Visualize a rural village equipped with #AgentBanking, as the #Fintech #Agent visits his customer with a smartphone and shows a bar chart about his spending’s, the interest he earned on his savings and the liabilities he owns. He then moves to next graph that lets him visualize how much each month he needs to save to afford his child’s higher education and new farming equipment. Or how about an #HealthTech tool that conveys the #Rural customer from where he can buy low price medicines and how much he can save!

• How much #Fintech firms are spending on analytical tools ?

IDC predicts that the Analytics and Big Data market is expected to continue at a compound annual growth rate (CAGR) of 11.7% through 2020. Another study by Accenture indicates that globally 71 percent of firms are exploring Big Data and predictive analytics.

Over half (54 percent) of firms in the industry have appointed a chief data officer

• How is #Analytics Helping #Fintech Firms and Banks ?

Structuring the raw data and putting it in fancy graphs or pictures could be more appealing than going through an excel for a customer. That’s one of driving factors for Banks or Fintech firms to adopt to analytical tool. Some of the other reasons being –

• Acquiring New Customer – With Traditional methods like #AgentBanking connected with the #Digital world, banking-as-a-service [BaaS] is offered to many remote places, allowing banks to get new clients.
• Know Your Score – Interconnection of liabilities, assets, and earnings depicts a clear picture of an individual’s credit score, thereby helping banks in making an informed decision.
• Loyalty Programs – Every time you pay the bill via particular card, it adds some points to your rewards that could either be used to get a gift or could also be converted to cash, making customers loyal to you.
• Streamlines Investment Options – With options like Robo-advisors individuals could work out on their financial planning without external help, analytics help people to realign their financial goals and manage risk for the financial portfolio.

 

• How @Teknospire We are Using #Analytics to Help Our Customers

Our Analytics and Business Intelligence solutions would empower Agents, Fintech firms, and Banks in making an informed decision and strike out inefficiencies. Our solution @Teknospire comes with the benefits of collecting the data, visualizing, collaborating and ability to share with the different stakeholders. Let’s take a sneak peek –

In need of some critical data points, let the Discover tab help you. Just type in the search criteria and hit the button, all the data points for that range would be on your screen within seconds. Just for example when we queried for Agents, their commission and other fields here is what we received .
The visualization could be extended to know :-

• How many Agents are deployed in a area
• To create a gender base equality – know what is the ratio of male:female agents in a particular area
• What are the statistics for an area in terms of revenue earned

Create the visualization pattern that you wish for- select from wide range of charts, feed the data set pick the order and color codes, and you are all set for a vibrant visualization.

As the user logins into the Analytics tool, he would land by default on Dashboard Page, the dashboard page displays the different data set combination pre-defined by a user.

Just for example, if the firm is keen to know the Transactions Status over a period, he could set a filter in Visualize tab with the kind of chart, parameters for X and Y axis and the order of display and save it. And what you see on Dashboard is a colorful bar chart displaying the transaction status.

Dev tools are for individuals who would like to customize their visualization. A user could use the Console to query for relevant data and produce the results in a lively format.

Management tab provides the user with tweaking in the advanced options or indexing the pattern; you could also save or delete your objects.
Based on various roles like Admin, Agent, Customer or Firm access rights of the dashboard could be controlled. A user can be restricted or full access be granted for a dashboard.

Data, the backbone of any firm, is playing a crucial role in aligning the business goals to profit margins. Many have already made the transition and reaping benefits out of it. Have you?

References:

Analytics, ML and Data Science Help FinTech Offer Better Services

Cutting through the noise around financial technology

Banks lead big data analytics spend through 2020

After Accenture Next Generation Financial.pdf

Data Analytics Critical to Success in Banking