Global Data Analytics in Banking Market to grow at a Significant Rate through 2026
Growing demand of hyper
personalized 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.
According to TechSci Research report, “Global
Data Analytics in Banking Market By Deployment Type (On-Premises, Cloud) By
Type (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics,
Prescriptive Analytics) By Solution (Risk Management (Credit Risk Assessment,
Fraud Detection and Management, Stress Testing, others), Customer Analytics,
Portfolio Management Analytics, Trading Analytics) By End User (Sell Side
Firms, Buy Side Firms) By Company, By Region, Forecast & Opportunities,
2026”, the global data analytics in banking market is expected to witness
steady growth in the forecast period. Data analytics is defined as the process
to gather, analyze, 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 analyzing the customer’s behavior and data to detect fraud
activity.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Leading authorities
around the globe imposed lockdown restrictions and released a set of
precautionary measures to contain the spread of novel coronavirus. To practice
social distancing and to avoid contact with other people, the users started
using the banking services with the help of online channels. 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.
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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.
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“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 Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Global Data Analytics in
Banking Market By Deployment Type (On-Premises, Cloud) By Type (Descriptive
Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics)
By Solution (Risk Management (Credit Risk Assessment, Fraud Detection and
Management, Stress Testing, others), Customer Analytics, Portfolio Management
Analytics, Trading Analytics) By End User (Sell Side Firms, Buy Side Firms) By
Company, By Region, Forecast & Opportunities, 2026” has
evaluated the future growth potential of global data analytics in banking
market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the of global data
analytics in banking market.
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