The global data analytics in banking market is expected to witness steady growth up to 2026, according to TechSci Research report.

 

Growing demand of hyper personalised experience and the emergence of banking 4.0 concept is expected to drive the demand for global data analytics in banking market in forecast period.

 

Data analytics is defined as the process to gather, analyse, and interpret complex data sets that contain both structured and unstructured data. Data analytics helps in streamlining the sales process and can improve the results of direct marketing. It can also be used to provide better customer support to customers by storing the data about the issues faced by the consumer and the solution to their problems beforehand. 

 

Thereby, with the use of data analytics technology the banks can deliver services to the consumers in the shortest duration of time and with quick results. Fraud and theft activities are the major issues faced by financial institutions. Banks are actively using the data analytics technology to increase the trust of customers by using the technology to make customer profiles and analysing the customer’s behaviour and data to detect fraud activity. 

 

Banking institutions actively incorporated the data analytics technology into their system to increase customer retention and acquisition based on the insights provided by the data analytics technology. 

 

According to TechSci Research Global data analytics in banking market is segmented into deployment type, type, solution, end user, regional distribution, and company. Based on the solution, the market can be divided into risk management customer analytics, portfolio management analytics, trading analytics. 

 

The risk management customer analytics segment is expected to witness growth in the forecast period, 2022-2026. Risk management customer analytics can be further divided into credit risk assessment, fraud detection and management, stress testing, and others. 

 

Risk management customer analytics allows the banks to make calculated decisions based on the history of the consumers and the proper analysis of the data which aids in generating smart results. 

 

IBM Corporation, SAP SE, Oracle Corporation, Microsoft Corporation, Google LLC, Amazon Web Services, Inc., TIBCO Software, Inc., Hewlett Packard Enterprise Co., SiSense, Inc., Mu Sigma, Inc., Dell, Inc., Alteryx Inc., Teradata Corporation, Wipro Ltd., SAS Institute, Inc. are the leading players operating in global data analytics in banking market. 

 

Service Providers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several data analytics in banking providers are coming up with their technologically advanced offerings.

 

“With the growing adoption of data analytics technology in banking institutions, the banks can lower the risk costs through the use of analytics-aided techniques involved in the process of advanced early-warning systems, next-generation stress testing, digital credit assessment, amongst others. The growing adoption of digital banking platforms among the consumers due to the ease and convenience offered to the consumers and efforts to make the banking more customer-friendly is expected to create lucrative opportunities for market growth. The surge in the demand of the e-commerce apps and sites among the consumers and the quick and easy process of financial transactions is expected to propel the market growth till 2026,” said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.-- TradeArabia News Service