Banking Technologies – Harnessing the Power of Data Subscriptions

Explore Newly Prescribed Data Sources for Advanced Analytics and Timely Reports

Data is the new oil, which makes analytics the driving force for harnessing its power. But, access to resources trumps all, which singles out ‘data subscriptions’ as an unmissable asset. While access to quality data is setting businesses apart from contenders, banks are using data to help customers like never before.

In today’s financial scenario, fund management, loan allocation, and successful recovery are all at the tip of the iceberg. The digitized world is connected on more fronts, and hence trustworthy relationships are now having to be nurtured into value-enhancing affiliations.

For a new-age bank, modernized communications for building a community, customer-retention strategies, and the ever-increasingly crucial task of risk-aversion is a tough road to go down without the right resources, read: the right processing of data.

Data is Integral to the Merger of Discovery and Solutions

Today, quick and agile processing is pivotal to the ever-growing repository of data known as big data. It is the biggest differentiator for a job well done. When done right, banks can stand out with unique efforts, especially for the new-age digital consumer whose online data is more like an identity.

Data subscriptions help in ease of use for various analytics systems. Moreover, since regulators have stepped in to clarify the heat around the rules, banks are profiting in multiple scenarios. Two cases where banks have made strides in utilizing data subscriptions are –

Predictive Analytics for Unparalleled Risk Aversion

Early warning systems fall under new-age analytics that helps banks and financial institutions predict defaults long before they happen. Recently mandated by regulators, the systems are proving to be a boon in lending. Apart from allowing banks to identify potential defaulters, it also helps them put strategies in place for successful recoveries.

Data to help Banks Ace Trends for a Modern Consumer

Some data holds untapped potential for banks and other financial institutions that want to better understand their customer base, product performance, and market trends. Unlike predictive-financial analytics for individual customers, insight generation for widespread marketing strategies benefits banks in the long run.

One major way data subscriptions work here is when data utilities utilize third-party sources for business-critical customer and market trends’ data.

Accelerate Analytics Processes with Data that Matters

Good data is data you can collect, clean/enrich/transform, make insightful, with the sole goal of improving decision making.

In a transparent digital world, data could be structured, unstructured, and semi-structured. Adhering to standards, ‘good data’ is what data subscriptions offer. The good data coming in from data subscriptions are pre-empted for specific decision-making. Moreover, it helps business leaders with the best inputs from the dreaded big data ocean.

According to regulators, what can banks Source from Data Subscriptions?

Data for Predictive Analytics for Corporate/MSME Lending

  • Financials, Annual Report, Details of Company, Associates, Directors, Charge etc. from MCA (Ministry of Corporate Affairs)

  • External Ratings from CRISIL, CARE, ICRA, India Ratings, Brickworks, Acuite, etc.

  • News, tweet - 2500+ sites (domestic, international, business-related)

  • Willful Defaulters, Shell Companies, Default Companies & Directors from MCA, SEBI, Bank and RBI sites.

  • Litigation details (NCLT, NCLAT, High Court, Supreme Court).

  • Tax Defaults, PF Defaults, etc. from the related sites.

Data for Trends, Technological Inclusions, and Marketing Strategies

  • Customer Behaviour and Trending Market Sentiment

  • Regulatory Norms and Information on New-inclusions

  • Segment-specific Data on Clients and Industries

  • Regulator Approved Customer/ Company Third-party Data

D2K Technologies’ Analytics systems source finance-specific business data for stakeholders and business leaders as well as for regulatory requirements such as – IRAC Norms | IGAAP Reports | Ind AS Reports.