STUDY ON IMPACT OF FINTECH AND DATA ANALYTICS ON INDIAN BANKS

Abstract

Fintech is an emerging concept in the financial industry. .  The fintech services in India are fastest growing in the world. According to Wikipedia, Analytics is understood as the connecting tissue between data and decision making in the organizations. To describe, predict and improve business performance, financial data analytics is applied in business entities. The Extraction as well as categorization of data according to the requirements of the organization constitutes the major aspect in data analytics which is also termed as data analysis. Financial Data Analytics unable banks to attract new customers and retain them in the long run, to minimize the bad debts by observing their accounts and tracking the credit histories of customers, to improve their operating efficiency, to reduce the chances of money laundering and other related financial crimes, to come up with new strategies in the field of credit and debt collection, to improve their liquidity position and to manage the risk. With an objective of examining the impact of fintech and data analytics in Indian banks, this study is taken up. The top Indian banks which are using Data Analytics includes State Bank of India, ICICI Bank, Axis Bank, ING Vysya Bank, HDFC Bank.