July 8, 2021 - Finance, Tech & Analytics Career Resources

How A Big Data Can Be Used In Retail Banking?

Posted on July 8, 2021January 23, 2024 by Imarticus Learning

Like in all successful business ventures, the field of banking is no exception. Big Data drives decisions. The successful use of such large-volume data-based applications already exists and is hugely popular too. Retail banks are big data-driven with nearly all its processes being already supported by such data to deliver business value to their customers.

Their advantages and competitive value is data fueled and depends on the insights provided by the most effective use of such data. It is surprising that in spite of having had access to such large databases for over a decade now, Retail Banking is yet to exploit the numerous benefits uses of big data in retail-banking can bring in.

A data analyst Retail Bankingintern or freshman makes a handsome payout package and the range of the salary depends on the skill-set, certification, and experience. The skills required can vary depending on the employer and industry. As they climb the ladder the promotions depend on continuous skill up-gradation, managerial and leadership skills. Hence, soft-skills and personality development are also important attributes.

Big Data transformation benefits:

With the move by customers to digital transactions many banks did invest substantial efforts in dedicated teams, advanced analytics, appointing data officers, and upgrading their infrastructure. The early adapters are the survivors and have evolved more competitive as new-age banks offering customer-need based services based on Big Data insights. There are many areas where banks are yet to ramp up their use of big data to reap benefits according to the Boston Consulting Group’s reports.

The three main abilities that are leading transformations are:

Data: Multi-source multi-system huge volumes of data petabytes being available which include high definitions of detail and features.
Models and ML: The models are now more insightful thanks to the evolution of better ML software which enables decisions and predictions that are data-driven.
Software technology: The hardware-software clustering technique in software like Hadoop has proven to be big-data centric and allowing use of complex databases non-structured and structured in a cost-effective manner.

There are at least six areas in Retail Banking which focused and coordinated big-data programs can lead to substantial value for banks in the form of increased revenues and bigger profits.

IMPROVING CURRENT PRACTICES WITH POINT ANALYTICS: Applications of big data analytics for individual needs can be simple and yet powerful with the point analytics method.

TRANSFORMING CORE PROCESSES WITH PLATFORM ANALYTICS: Big data and point analytics can be used to improve customer risk assessment and for effectively tapping the marketing potential measures analyzed.

TRANSFORMING CORE PROCESSES WITH PLATFORM ANALYTICS: Big data applications can transform the collection process with step-by-step optimization to bring in a 40 percent savings in terms of writing off bad debts, with effective use of mining outdated customer information, their predispositions, and newer behavioral models.

BOOSTING IT PERFORMANCE: Big-data IT technologies should have need-based linear scaling to reduce costs. Data-intensive models, mining omnichannel customer experience, balancing data warehouse workloads and effective leveraging of data can help.

CREATING NEW REVENUE STREAMS:

A European bank used new architecture, hybrid data-warehousing combining banking tech and big-data by clustering the Hadoop commodity servers. Budget savings were 30 percent with all functionalities!

GETTING THE MOST FROM BIG DATA:

This involves these basic steps of infra and people management detailed below:

Assess the present situation: Banks needs to bring in newer innovative applications as a differentiator from the competition where all organizational levels collaborate to contribute to the use and needs-based model.

Be Agile: The agile requirements of communication, collaboration, and contribution across all processes will help big data transform them.

Critical capability cultivation: If not implemented the cultivation of critical capabilities can hinder the big data transformation of processes. Limiting the capability to the vision essentials is recommended in all domains of big data capabilities.

The three domains of Big data capabilities that Retail Banking should question itself about are:

The usage of data
The engine driving the data
The ecosystem of the data

Retail banks should necessarily explore and act on these domains effectively by using smaller discrete programs to take their strategy to execution.

Conclusion:

BIG business for all banks comes from effectively exploring Big Data. Such large institutions who cash in early will stay ahead of the other banks by adapting technology into the very fabric of their banks for its many benefits.

The future holds great promise for development in the field of Retail Banking and to make a high-paid scope-filled career even without experience. Start your Big Data Analytics Course at Imarticus Learning and take advantage of their assured placements and certification. All the best with your career in big data and retail banking!

For more details, you can also contact us through the Live Chat Support system or can even visit one of our training centers based in – Mumbai, Thane, Pune, Chennai, Banglore, Hyderabad, Delhi, Gurgaon, and Ahmedabad.

Welcome to the Data Science Club of Imarticus Learning!

Posted on July 8, 2021March 26, 2024 by Imarticus Learning

Imarticus Learning is among the top online education providers in India. After its data science course helped many data science aspirants to build a successful career in the industry, it has now come with a new campaign i.e. the ‘Data Science Club’. This club will aim at addressing the shortage of data scientists in India. It will also help in unifying data science aspirants from all over the country & giving them a chance to interact.

You can bring the data science club to your college/university with just a simple process. They already have registered 30 colleges from locations like Delhi, Tamil Nadu, and Karnataka.

The registration process is open & you can experience a whole new aspect of data science. One can also join the data science community of Imarticus on various social media platforms.

Mission & Vision of the Data Science Club

To promote students across India to build a successful career in data science.
To address the talent gap in the data science industry & shortage of skilled data scientists in India.
To facilitate the exchange of ideas & information relating to data science between club members across PAN India.
To provide industry-oriented learning of data science involving technological advancements & tools used in the industry.

Registration Process

Generally, most of the colleges don’t even have a data science club. You could be the first to introduce a data science club at your college/university. You can visit the Imarticus website and can easily register your college/university for the data science club. You will be required to fill a google form asking for a few details like college name, address, department, designation, email address, etc. The Imarticus panel will get back to you and will inform you about further proceedings.

Benefits of Being a Club Member

This data science club will facilitate its members from various colleges across India in understanding the importance of data science. It aims at motivating aspirants for building a successful career in data science and bridging the talent gap in the current data science industry. The benefits of joining the data science club of Imarticus are as follows:

Students of member colleges can attend any event/competition under the data science club for free.
You will get to attend lectures or webinars from industry experts/professionals.
The members of the club will get to test themselves by participating in the national level hackathon.
You will get to attend data science workshops under this club. You will also get a certification from Imarticus Learning for being a part of the data science club.
The members of the club will also undergo the faculty development programme.
Eligible members/students of the club will also get full placement support from Imarticus.
You will get to know about the industry practices & trends by being a member of this club. You will also get to know about the right career roadmap in the data science industry.

If you want to make a transition from data science aspirant to an expert, you have to grab this wonderful opportunity which will bring you closer to the data science community in India. One can also opt for the data science course provided by Imarticus Learning to know about the data science aspects in detail.

Why Artificial Intelligence is better than Other Technology

Posted on July 8, 2021October 15, 2021 by Imarticus Learning

Living in the 21st century, we have been able to see a lot happening in the field of technology and its advancement. Artificial Intelligence in that regard is the latest and the most developed version of classic technology. However, the term artificial intelligence still perplexes many people as they are not aware of its details. Even though people are using gadgets birthed by artificial intelligence, they may still not know about it.

What Artificial Intelligence Exactly Is?

AI is that field of machined technology that imitates humans and their functions on various levels. These machines or robots are functioned using various codes and algorithms to make them work as humanly as possible. It deals with the behavioural part of the machines which has a connection or a relation with intelligence. This branch of computer science has made it possible for the machines to think and act rationally and humanly to a great extent.

Why is AI Better than Other Technology?

Artificial Intelligence is any day better than human intelligence or works efficiently as compared to other technologies of the world. This can be made clear through the following points:

Mitigating Risks: AI has been working incessantly in reducing the risk factor associated with completing a task as compared to other technologies. To quote it as an example, forest fires can be handled more effectively with AI robotic drones instead of manual machines to put out the fire. AI can minimize the risks associated with human lives in many areas like radiation, electricity, hydropower and fire etc.
Zero Errors: Unlike other forms of technology or human intelligence for that matter, AI works so efficiently that it leaves no chance for errors or mistakes. Owing to a situation, human beings can alter the ways they work but AI does not change frequently according to their surroundings in all situations.
Remarkable Anticipation: The technology preceding AI is not accurate enough to make correct judgements about the events which are about to happen. However, forecasts or predictions made by AI are far more accurate. Likewise, AI sensors to forecast and measure the intensity of an earthquake beat the normal scales to measure the earthquakes. Also, AI functions with far less human involvement as compared to other technology.
Saves Time and Money: The classic technological advancement would just let you type a song name in the search list and it will present you a list of preferred songs. However, Siri and Alexa, a gift of artificial intelligence are voice regulated gadgets which work on your personalized instructions. There is no default set of questions and answers fed in these gadgets. They respond to any question with any suitable answer, isn’t that amazing?
Reduced Human Intervention: When technology functions on its own without human intervention, it can turn out to be the best. To illustrate, a doctor carrying out a surgical procedure makes use of all the modern gear and instruments but can still perform differently with different patients of the same conditions. However, this is not the case if robots carry out the surgery by themselves. This points to the fact that AI outshines human interference while making use of technology.

Conclusion
Embracing a positive approach to make use of Artificial Intelligence can always turn out to be in the best interest of every human being. Although, AI has eased the lifestyle and the way people used to work but still, exploring it outside the boundaries of positive development can cause harm to humanity at once.

If you wish to explore the field of AI and aspire to learn artificial intelligence, you must check out Imarticus learning for the same.

3 Tips on Building a Successful Online Course in Data Science!

Posted on July 8, 2021March 28, 2024 by Imarticus Learning

3 Tips on Building a Successful Online Course in Data Science!

The coronavirus pandemic is undoubtedly one of the biggest disruptors of lives and livelihoods this year. Thousands of businesses, shops and universities have been forced to shut down to curb the spread of the virus; as a result, massive numbers have turned to their home desks to work from and to tide over the crisis.

The pandemic has also influenced the surge of a new wave of interest in online courses. Over the past few months, many small and large-scale ed-tech companies have sprouted up, bombarding the masses with a wider range of choices than ever before. Many institutions have chosen to give out their courses at a minimal price and yet others for free. The format of these classes is different– hands-on, theoretical, philosophical, or interactive– but the ultimate goal is to take learning online and democratize it.

Naturally, it’s an opportune time to explore the idea of creating an online course– a data science online course, in particular, seeing as futuristic technologies will see a profound surge in attention come the next few years.

Here are a few tips to get the ball rolling on your first-ever online course in data science:

Create a Curriculum

Data science is a nuanced and complex field, so it won’t do to use the term in its entirety. It is important to think up what the scope of your course will be. You will need to identify what topics you will cover, what industry you want to target (if any), what tools you might need to talk about, and how best to deliver your course content to engage students.

General courses are ideal for beginners who don’t know the first thing about data science. This type, of course, could cover the scope of the term, the industries it’s used in as well as job opportunities and must-have skills for aspirants.

Technical courses can take one software and break it down– this is also a great space to encourage experiments and hands-on projects. Niche courses can deal with the use and advantage of data science within a particular industry, such as finance or healthcare.

Choose a Delivery Method

There are a plethora of ed-tech platforms to choose from, so make a list of what is most important to you, so you don’t get overwhelmed. Consider how interactive you can make it, through the use of:

Live videos
Video-on-demand
Webinars
Panels
Expert speakers
Flipped classroom
Peer reviews
Private mentorship
Assessments
Hackathons

The primary draw of online classrooms is also how flexible they are. Consider opting for a course style that allows students to learn at their own pace and time. Simultaneously, make use of the course styles listed above to foster a healthily competitive learning environment.

Seek Industry Partnerships

An excellent way to up the ante on your course and set it apart from regular platforms is to partner with an industry leader in your selected niche. This has many advantages– it lends credibility to your course, brings in a much-needed insider perspective and allows students to interact outside of strict course setups. Additionally, the branding of an industry leader on your certification is a testament to the value of your course; students are more likely to choose a course like yours if this certification is pivotal in their career.

Other ways by which you can introduce an industry partnership include inviting company speakers, organising crash courses on industry software and even setting up placement interviews at these companies. The more you can help a student get their foot in the door, the higher the chances of them enrolling and recommending.

Conclusion
Building an online course in data science is no mean feat. However, it’s a great time to jump into the ed-tech and online learning industry, so get ready to impart your knowledge!

How a Financial Analysis Can Accelerate Openness to Technology during a Crisis?

Posted on July 8, 2021November 28, 2023 by Imarticus Learning

The world has faced many pandemics/crises and each time some or other technology has evolved. At the time of the Spanish flu when phone systems were facing downtime, many online news sources such as remembers Syracuse.com and many others urged people to avoid public gatherings and it helped in spreading awareness. Today also we are facing a tough time because of the COVID19 outbreak throughout the globe.

In these times, Financial Analysis can bring more to the table. Almost all the physical works have come to a halt and people are shifting towards technology for survival. Let us see how Financial Analysis can bring us closer to technology at a fast rate.

What is Financial Analysis?

It is an analysis of any particular business, firm, financial institution, project, etc. & after the analysis, we get to know about the stability and longevity of that particular business. It helps investors, fundraisers to know whether they are investing in a profitable decision or not.

It can also help governments to analyze their financial decisions. It helps in business forecasting and in increasing the stability of any financial decision. A lot of administrative bodies already use Financial Analysis for taxation & other chores.

How Financial Analysis Can Bring Us Closer to Technology?

It will help the IT experts to decide on the stability of any particular technology. There are a lot of new and disruptive technologies coming now and then during COVID19. For example, the technology ministry of India has launched a contact tracing application in coordination with Reliance Jio.World Health Organisation also launched a technology ‘C-TAP’ which is responsible for increasing the speed of vaccine research & treatment. Many big delivery firms are shifting towards contactless delivery systems and usage of drones is also suggested. By Financial Analysis, we can get to know about their stability, and accordingly, investors can use their money & we will get closer to technology in right means.
Cost optimization and management can be done through Financial Analysis. Many technologies are lucrative at first but they fail at the time of implementation because the budget overflows. To avoid cost restraints, Financial Analysis can be done in advance.
Through Financial Analysis, one can find out the pattern of growth of any particular technology. It helps us in finding out the advancement in respect with time. It also helps us in finding out the drawbacks/loopholes in any particular project. One can learn from past mistakes and can forecast a better & stable project/technology.When we talk about Financial Analysis in a business/workplace, it helps in finding out the relation and dependence among various tasks among the company/firm.
New disruptive technologies tend to reduce labour and help in doing multiple tasks at a time. With the help of Financial Analysis, one can assure IT experts/investors about less labour which will come onto the table.Besides cost optimization, new technologies can do many tasks at once which were earlier divided into different chores. For example, when virtualization came into existence, it could do multiple chores at a time and deleted the workforce behind server administration. The money saved can be invested in some other jobs.

Financial Analysis can help us in finding out the loopholes in any particular new technology. When all the physical jobs which require a lot of workforces are closing due to this pandemic, the world is witnessing a shift towards technology at a much larger pace.

Financial Analysis can help us in finding out a disruptive technology that could replace traditional methods and should not fail. If you are new to this field, then you can find a plethora of Financial Analysis Courses on the internet and can learn about it. This article was all about the advantages of Financial Analysis in accelerating our openness towards technology amidst this pandemic. I hope it helps!

Related Articles:

What Is the Job Of a Financial Analyst

How Much Does A Financial Analyst Make

Why Do You Want To Become A Financial Analyst

What Are the Interview Questions For FInancial Analyst

What is an Underwriter Salary?

Posted on July 8, 2021July 8, 2021 by Imarticus Learning

It is easy to mistake the role of an underwriter as someone who writes something. So, before knowing what the average salary of this position is, it is good to know the profile.

Who is an Underwriter?

As opposed to what the term suggests, an underwriter is someone who analyses and assesses the risks and liabilities involved in a loan or mortgage application. It is a person employed by a bank or a financial institution or a non-banking financial company (NBFC) to receive loan applications and check its validity against a set of standards and policies.

Although this role may sound easy, in reality it involves several concepts and terminologies in the finance and banking world. Because an underwriter essentially works on behalf of the company she works with – where accepting a fraudulent loan application can cause issues – it is an important job role.

With a very active growth in the finance world where borrowers – individuals and organizations – are growing by the day, the role of an underwriter has become more important.

What was a role that did not exist in the previous century – because other staff took care of it – is today a sought-after career role in India. All of this makes it a hot job for job seekers who have a financial or banking academic background.

Underwriter Salary – How Much Is It?

Although it is incorrect to suggest a solid number that will give you a blanket idea as to how much an underwriter earns, Payscale.com has come up with a number. According to its website, the average underwriter salary in India is roughly INR 4,85,000 (i.e. 4.85 lakhs). This is the annual package or the cost to the company (CTC). This figure is based on over 100 respondents who Payscale surveyed till May 2020.

It should be noted that this underwriter salary is for job roles in metro cities like Mumbai, New Delhi, Bengaluru, and Chennai. The numbers will change as per the location, the company, and the experience of the candidate. Research also suggests that individuals who took underwriting courses have reported higher incomes than average.

List of Underwriter Salaries by Experience

Here is a list of packages received by underwriters with different levels of experience. All figures imply annual salaries (gross income).

Fresher – Around INR 2,00,000 (2 lakhs)
Less than 3 years of experience – Between INR 4,00,000 (4 lakhs) and INR 7,00,000 (7 lakhs)
5+ years of experience – Between INR 8,00,000 (8 lakhs) and INR 12,00,000 (12 lakhs)
10+ years of experience – More than INR 15,00,000 (15 lakhs)

It should be noted that an underwriter’s role experiences substantial changes once the person has stayed in it for long. A person with more than five years of experience will soon move to other roles that will entail a lot of other tasks such as risk management.

Role of an Underwriter in a Glance

If you are an aspirant and are looking to take an underwriting course, here are some ground realities for you to consider:

You will be working on different types of loans and mortgages
An understanding of company policies and government regulations (SEBI, RBI, etc.) will be needed
It is an office job that will entail eight-hour shifts (or more)

As you gain experience, your role will change considerably. In terms of hikes and promotion, an underwriter’s role is not limited to loan assessment. You can even move to wealth management, portfolio assessment, and risk management roles. These pay relatively on a higher scale.
Begin your journey to a dream job. Enrol into an underwriting course today.

Also Read: What is Credit Risk Underwriting

Data Literacy Is Very Much a Life Skill– Here Are 4 Reasons Why?

Posted on July 8, 2021March 22, 2024 by Imarticus Learning

The world is no stranger to data; in fact, in recent times, the world has found itself being bombarded by more facts and statistics than ever before. At quite the same speed, people have also been faced with fake facts, viral social media forwards with little to no truth.

Being data literate has moved from being a niche requirement to being a life skill that allows people to distinguish between fact and fiction. Data literacy is a way of exploring and understanding statistics in a manner that provides meaning and insight.

This meaning isn’t relegated only a data science career or to businesses looking for an edge over competitors. It applies to society and its interconnected systems as a whole.

To drive the point home, here are a few advantages that data literacy offers when looked at as a life skill:

Recognising the Sources of Data

Data is everywhere, especially in a world where nearly everything is digital and produces and consumes more data. There are many different ways in which data exists, including graphs, images, text, speech, video, audio and more. Recognising the different sources of data is the first step towards working with data. The sources, formats and types all have a role to play in determining the use (and potential misuse) of data, which in turn drives data literacy.

Acknowledging the Self as a Consumer and Producer of Data

The messages you send, images you post and likes you leave on social media are examples of data. So are the transactions you make and the searches you conduct on search engines such as Google and Bing. Today, nearly every single person in the world is a data producer; those sources of data are vital to value-generating processes across industries and markets.

Similarly, people are daily consumers of data even if they don’t perceive it as that. The COVID19 pandemic has brought this into the light even further– front page statistics are at the back of everyone’s mind, as are the names of containment zones and the best practices for sanitisation.

Recognize Biases and Fallacies

Data literacy gives the people more agency to call out those producing statistical data that is biased, twisted or outright incorrect. As citizens, consumers and valued members of a society, it is imperative that every individual is able to identify false promises or glossed-over issues that allow wrong-doers to continue as they were.

Data literacy gives people the power and the evidential backing to call out those intentionally or unintentionally propagating mistruths and fallacies through awry statistics. This way, data literacy plays a pivotal part in politics, economics and ethics of a society, indeed of the world.

Improves Data Storytelling

Instead of data points presented on their own, data that is presented as descriptive stories make individuals more likely to understand the effect, decipher trends and make more educated decisions. While data storytelling is imperative to learn for those taking a data science course, it is just as important for members of all other fields to better present their arguments such that they catch eyes.

Data has never been a strictly academic factor; however, it has often been painted as complicated, invasive or unnecessary to penetrate everyday lives. Data storytelling ensures that data is taken even further out of that box and presented as actionable insights to even the average Joe Bloggs.

Conclusion

The focus on data science and literacy shouldn’t just be restricted to mathematics and algorithms but everyday applications of data in daily lives. Data understanding allows people all over the world to take more control of what they’re producing and consuming. Data fluency and literacy is achievable by all.

Day: July 8, 2021