APIs like Aadhaar Reduce Cost of Authentication for Banking Industry
APIs are expected to mature, and India may move towards an open banking system wherein data is available for the FinTech industry
Digital transformation is a buzz word and new age technologies like artificial intelligence, machine learning and data science are disrupting the banking industry similar to that of every other industry in place. Data is the most important resource of the new age and efficient management of it through APIs and data science could do a world of good for the wealth management and banking industry. In an exclusive interview with DataQuest, Faisal Husain, Co-founder and CEO, Synechron, talks about how exactly Data Science platforms are being used for wealth management and banking industry.
Significance of APIs in the Banking Industry
As the banking industry embraces Big Data and advanced analytics to enhance customer experience, data sharing APIs have started receiving enormous attention as a means of acquiring data quickly for authentication and other purposes. Though data sharing APIs are widely adopted in Europe and the U.K., India started its journey through key initiatives such as Aadhaar, e-KYC, e-Sign, privacy-protected data sharing and the Unified Payments Interface (UPI).
These APIs provide access to various financial services to anyone with a mobile phone and reduce costs of authentication for financial institutions. In the near to medium term future, APIs are expected to mature, and India may move towards an open banking system wherein data is available for the FinTech industry or to anyone interested in creating products and services based on data analytics.
Intertwining Data Science, AI, and ML Tools Produce Cost-effective Research for Wealth Management
Wealth Management, as a market is becoming increasingly competitive. Businesses must continually improve to stay ahead and the best way to do that is offer services customized to suit the specific needs of clients. With advancements in data collection, storage, retrieval and processing infrastructure, enterprises possess an enormous amount of data that could be mined to get valuable insights. ..Read More..