How Will Data Revolutionize Credit and Banking?
Due to the rise of the Internet and new technologies, the data of each of the users of the net have exploded. In multiple formats: email, video, audio, photos, geolocation…
The challenge for companies is to be able to take advantage of this data which is nothing without a huge work of management, sorting, analysis. Data Science is the one that will allow the exploitation of these important volumes of information. It is located between computer science, mathematics and statistics.
The rapid progress of this science has made it possible to develop storage capacities, and to offer companies the opportunity to use this data for a commercial, marketing and operation approach. In the banking sector, Data is used in the areas of scoring, customer satisfaction and risk management.
Data Science and bank credit
If Data Science is involved in all aspects of the banking relationship, it is particularly in the field of online credit that it takes full scope.
Indeed, if it continues to grow, the dematerialized bank sector is always looking for new methods to attract customers, reassure them and offer them an ever more efficient banking experience. This is where Big Data, often coupled with Artificial Intelligence comes in.
Credit Scoring
It is clear that the scoring of credit files is more reliable since the use of Data Science.
This makes it possible to determine reliable signals that are not detectable by conventional methods. Thus, many user behaviors are reviewed such as the time spent typing his email address (detection of copy-paste, often a sign of an address created for the circumstance), time of the application (the nocturnal forms go arouse suspicion…), identity on social networks, time and frequency of sending e-mails…
Also, the possibility of exploiting new sources of unstructured data such as images, photos, publications on social networks and data freely available. Not only do the new algorithms take into account these new sources of information but will also process them and return them to the banks allowing them to refine the customer scoring.
Customizing the customer experience
Weaving close links with users is the new business challenge. All sectors of activity combined. The bank is no exception. Data Science offers interesting opportunities such as advertising targeting. Thus, when a user does research on real estate search engines, he will be offered advertisements of banking services, in full adequacy with his needs and requests.
Fraud detection
Data Science hand in hand with Artificial Intelligence offers the ability to cross data and prevent fraud in a very efficient way. Not only does the best detection of fraud allow the bank to improve its success rate but also to increase the satisfaction of users, less receivers of fraud alert finally not proven.
Data Science is still in its infancy. Its applications are exponential for the banks who have there, the opportunity to redefine their operating process for more security, satisfaction and success.
