Data science is the oil of the modern age that enables every economy/industry to thrive. This has an impact on all industries. The broader field of data science encompasses a wide range of fields such as data analysis, data visualization, programming, predictive analytics, etc. Simply put, data science is now one of the most widely used applications in the banking, finance and insurance (BFSI) industry.
The banking sector benefits from data science
Data science has transformed once time-consuming banking processes into one-click services. It is therefore not surprising that the need for data science expertise in the banking sector has exploded in recent years.
The banking sector is the largest consumer of data in the world. From competitor analysis to strategic planning, customer targeting, support services, fraud detection and recommendation engine development, everything incorporates real data assessments. As a result, the chances for data science aspirants in this field are limitless. Aspirants will be provided with decent salary and job opportunities in this field.
Data science offers a whole new path for anyone looking to work in banking. Data science not only helps learners acquire basic industry-focused skills, but it also enhances the skills of banking professionals with the industry’s ever-changing technologies.
Data Science Courses and Career Opportunities
People with data science skills can work as financial analysts, AI specialists, credit risk analysts, ML engineers and data scientists in banking, real estate, insurance companies and investment brokers.
Aspirants can master these high-paying skills through a variety of data science courses offered online, hybrid, or offline. Many universities also offer certifications that validate your knowledge in the relevant field.
Individuals and professionals can master the demanding skills of the banking industry by taking certification courses on platforms such as Udemy, Learnbay, IABAC, EdX and others. Udemy’s “Complete Financial Analyst Course 2020”, Learnbay’s “Advanced Data Science and AI Program”, IABAC’s “Certified Data Scientist – Financial Certification”, EdX’s “Credit Risk and Credit Analysis Certification”, are among the courses already available.
Data Science Statistics for Private and Public Sector Banks
According to a survey published by Analytics India Magazine, the private banking sector in India is the most 100% embracing of analytics. The industry also has the largest average annual analytical budget, at $88.5 million per company, six times the public sector banks’ analytical budget of $16.1 million per company. The largest analytical operations in the Indian market are owned by private companies like ICICI and HDFC.
Analytics allows banking players to stay relevant among their peers. Although public sector banks trail private sector banks with an analytics adoption rate of 66.7%, this is higher than their 2019 figure of just 50% . As a result, analytics and data science are becoming more prevalent in the corporate and public sector sectors.
Data science is quickly becoming the most popular course among young people and professionals due to its high demand. The banking and finance industries need highly skilled personnel to help their organizations thrive. The annual salary of a financial analyst is around INR 4 lakh. A credit risk analyst earns an average annual salary of INR 8.5 lakh, while an AI specialist earns an average annual salary of INR 8 lakh.
So, updating yourself with cutting-edge data science technology is essential. Learning data science is essential for young people who want to work in the financial sector. The banking industry is seeing an increase in demand for senior/junior data scientists and analysts. Thus, data science courses supported by in-depth knowledge of analytics, AI, and ML learning provide a platform for kids to land their desired job and secure a future. successful professional.
(The author is the co-founder and business manager of Learnbay Institute, an EdTech company based in Bengaluru)