Financial industry in todays digital world
Digital financial industry boom in India started when demonetization policy was introduced. The demonetization policy wasn’t implemented systematically in our country, leading to chaos and confusion. The sudden decision left everyone helpless.
This was an advantage for smaller startups then, like PayTM, PhonePe, Google Pay, etc. These companies took advantage of this situation and brought about strategies to make sure that people start using these services. Many offers and promotions were done to attract the customers, to increase their app customer base. Ever since the demonetization, majority of the users varying from kirana store owners, to big shop owners started using money transfer apps, and transfer of money through phones became a common medium amongst most of the users. Large number of users are predominantly found in big cities like Delhi, Mumbai, Bangalore, etc. With the advent of UPI, transfer of money between different banks, accounts, devices, platforms have been simplified. This makes for the easier and faster transfer of money between various sources and destinations
Financial data analytics
Digital transformation of the financial sectors has led to collection of vast amount of data, both structured and unstructured. Only data collection wont suffice. Analysis of the data is very important.
Why do we need to analyze the data?
Raw data cannot provide any insights on how to increase the performance of the firms financial goals. We need to analyze the data in detail. Analysis if data is crucial. Wrong segmentation and categorizing of the data will lead to inappropriate results. A good data or a business analyst will help increase the effective segregation of data. For financial data analysis, data related to only finance will not apply. Other data such as location, customer base, customer tastes, etc, will provide the best possible results to increase the financial outcome of the company.
Digital transformation of the financial sectors has led to collection of vast amount of data, both structured and unstructured. Only data collection wont suffice. Analysis of the data is very important. No company can become successful without the use of data analytics, as the competition in todays world is very high.
Why do we need to analyze the data?
Raw data cannot provide any insights on how to increase the performance of the firms financial goals. We need to analyze the data in detail. Analysis if data is crucial. Wrong segmentation and categorizing of the data will lead to inappropriate results.
A good data or a business analyst will help increase the effective segregation of data. For financial data analysis, data related to only finance will not apply. Other data such as location, customer base, customer tastes, etc, will provide the best possible results to increase the financial outcome of the company.
