The banking and finance industry is under increased pressure. Banks today struggle with making decisions in the face of uncertainty, huge compliance and regulatory obligations, and rapidly changing customer behaviour. As technology evolves, so do the risks and challenges of acquiring and retaining customers from the increased competition from neo and digital banks. The disruption within the banking industry means that traditional business analytics and data science models no longer apply.
In the past, analytics tools have not provided timely insights, nor have they responded to changes by providing accurate future predictions. Analytics solutions need to be constantly evolving to develop models that not only accurately predict outcomes, but also recognise when the prediction quality degrades and adjust to ensure continued valid information.
Banks need predictions that create timely and actionable answers for tangible business problems. The information provided has to be truly relevant to make timely and intelligent business decisions.