Analytics has taken significant strides in the Banking Sector by creating huge business potential yet posing several critical challenges in terms of implementation. In order to address the common problems identified in implementing advanced banking technologies by leveraging Analytics, Dr. A. S. Ramasastri, Director, IDRBT, put forth the idea of creating a Chief Analytics Officers (CAO) Forum.
Taking this idea forward, the Institute launched the Chief Analytics Officers (CAO) Forum on November 16, 2016 with the participation of Dr. Rajeeva L. Karandikar, Director, Chennai Mathematical Institute, and 23 banking executives from various public and private sector banks.
Speaking on the occasion, the Director, IDRBT highlighted the role of the Institute in improving banking technologies and provided a snapshot of the functioning of the CIO and CISO Forums, which have become a common platform for the bankers to share, discuss and resolve the critical issues faced by the banks in terms of security, implementation of technologies, etc. The Director also emphasized the role of the Chief Analytics Officers in elevating the banks.
The CAO Forum has Working Groups on Data Governance, Business Process Reengineering for Analytics, Risk Analytics, Fraud Analytics, Credit Recovery Analytics, Security Analytics, Operational Analytics, as well as HR Analytics. The initial focus is to publish Standards and Frameworks in these areas for the Banking Sector. The various topics of focus suggested by the bankers include Data Quality, Data Governance, Audit Analytics, Infrastructure Analytics, Cost Analytics, etc.
Dr. Rajeeva L. Karandikar delivered the keynote address on Role of Statistics in the Age of Big Data. He stressed that in the area of Analytics, domain knowledge and source of data are of vital importance. He proposed a new architecture SI layer (Statistical Intelligence) on top of BI (Business Intelligence) layer and explained how various models go wrong. A snapshot of the views shared by bankers is various presented here under::
Dr. V. Ravi, Professor,IDRBT, elaborated the objectives of Centre of Excellence in Analytics (CoEA) i.e., to run pilot projects with banks on ACRM problems and to provide consultancy on these projects. He briefed about the use of the software available in CoEA – SAS Enterprise Miner
and IBM SPSS Modeler, KNIME, Rapid Miner, the recent development of R User Interface for Banking Analytics (RUIBA). He explained the work done in CoEA especially in the development of Algorithms/Architectures in Data/Text/We Mining, Evolutionary/Fuzzy/Neuro/ b Soft Computing, Global/Multi Criteria Optimization, Time Series Data Mining, Social Media Analytics, Big Data Analytics, StatisticalMachine Learning.