Module No.

5:
Technologies used in Banking

Introduction
Technology has been a major disruptor in the way banking was done just a few years ago. While
the pandemic accelerated the adoption of technology across industries and sectors, our
dependence on these advancements has been magnified to a great extent.
As these technological advancements continue to disrupt the traditional ways of banking, we see a
whole new spectrum of newer and faster banking solutions. Online deposits, mobile wallets, e-bill
payments, and so on have fundamentally become a norm for how financial transactions are carried
out nowadays. With increased consumer demand for digital banking services, artificial intelligence
is also at the core of digital banking transformation. These advancements are predominantly
followed by the growth of fintech and neo-banks that are making the entire banking process more
convenient and hassle-free for customers.

Tech Trends that have defined India’s Banking System:

• Open Banking: Open banking is an important strategy for financial institutions to compete
and grow. Banks embed their financial solutions into third-party software and create a single
interface for customers to access the services of their bank. By partnering with fintech, banks
make their services available to their customers across apps for easy payments. Online
payments while ordering food from Zomato or digital payments in Uber are possible due to
open banking services.
• Blockchain: To undertake risk management practices, banks are increasingly using
blockchain technology that makes it difficult for hackers to extract confidential information
such as customer bank details. The industry is already experimenting with the technology by
replicating current asset transactions on the blockchain. It helps in improving efficiency,
enhancing security, and making quicker transactions with decreased costs.
• Biometrics: As consumer reliance on cash is decreasing, companies such as WhatsApp,
Google, Amazon are coming up with their payment systems. Biometric payments are shaping
the way consumers make payments through their mobile devices. Payments are made within
seconds of scanning their finger or facial recognition technology.
• Cloud Banking: Most banks have started to move towards cloud-based banking. The cloud
allows banks to synchronise the enterprise; break down operational and data silos across
customer support, finance, risk, and more. This transforms their cost-efficiency and enables
them to provide digital experiences to customers by keeping their legacy model intact.
• Artificial Intelligence and Machine Learning: Banks are extensively implementing AI and
ML to offer just-in-time, personalised services to their customers. AI and ML automate the
banking processes and facilitate better customer services, credit and loan services. They also
combat fraud.
• Chatbots: As voice-based interactions are becoming more popular with consumers, banks
will start offering an increasingly large number of services on a voice interface. Financial
chatbots are saving over four minutes per transaction. It will also allow banks to receive
customer feedback easily and economically.
• ‘Zero Trust’ Security Model: Conventional IT models are getting outdated, making banks
prone to cyber fraud. A new approach to combat this threat is the Zero Trust Security model.
It is a security framework that secures the enterprise by removing implicit trust and enforcing
strict user and device authentication throughout the network.
 • Wearables: As more technologies come into play, existing technologies adapt to create more
interactive consumer experiences. Wearable devices such as smartwatches are expected to
transform the digital payments experience for customers. Gaining popularity among
millennials for wearable payment devices is going to revolutionise the payments space.

1. Augmented Reality
Meaning of AR
AR is an experience where parts of users’ physical world are enhanced with computer-generated
input. It can provide an interactive experience of a virtual environment in the real world. AR can
make illusions look real, and users can do things as he or she would do in the real world. AR has
the capability of altering the current perception of the real world.

Opportunities with Augmented Reality in Banking

• Locating ATMs: AR phone applications have been made, which helps customers to locate
ATMs nearby and bank branches. In India, the Axis bank launched an AR app called “Near
me” for this purpose. These apps convey real-time data about location, distance, and services
provided at these ATMs.
• Self-service: Today customers prefer banking from the comfort of their homes rather than
visiting brick and mortar bank branches. Banking apps are also gaining popularity as they
make transactions easier and straight forward. Now, if we take into consideration the role
of augmented reality in banking applications, it will help customers with information about
their bank accounts, loans, mortgages, etc. This will provide a great user experience to
customers.
• Payment experience: The AR finance apps can encourage payments by recognizing the
specifications and price of an item and overlaying the data on customers’ experience with the
real world. Accounts payment and management may also get simpler with this.
• Customer Acquisition: Millennials are a generation that has relied on technology and need
systems that evolve with them. The technologies are expected to grow because many
institutions in different fields have started adopting augmented realities. Customer acquisition
will depend on whether banks have the ability to adopt new trends and innovation in banking.
• Security: The introduction of AR into banking can improve security with biometric security,
like voice recognition and retinal scans. It will be helping in blocking unauthorized access by
hackers.
• Minimal Documentation: Imagine filing those bulk of physical documents one after the
other. This can be brought down as AR develops. Bank statements, advice, letters, and even
cheques can be presented virtually. It will save a lot of time. It will also simplify the process
of obtaining loans, which involves a lot of paperwork.

Challenges with the Implementation of Augmented Reality in Banking

• Technical Challenges: When it comes to banks that are looking to implement a functional
augmented reality solution, they may require a lot of components. It may pose a challenge to
banks, and unless these technical debilitations are tackled, AR cannot be properly
visualized.
• Lack of Regulations: As of now, there are no such regulations that help businesses and
consumers understand what kind of AR applications may be used and how data can be
processed. Therefore, the data may be used with malicious intent.
 • Lack of Public Awareness: Although AR is a hot topic of discussion for tech geeks,
consumers or the public are unaware of the technology. Lack of awareness among the public
may lead to privacy and security concerns while using AR technology.

Benefits to the Customers

• It Creates a Personal Experience: With AR, customers can have a unique and personalized
experience when they avail of the services of banks because the possibilities of customization
are endless with AR.
• It is New and Exciting: Customers are looking for convenience and differentiation, and it is
where AR comes in. Its uniqueness makes it exciting for customers.
• It is Engaging: One of the main aspects of AR is how engaging it can be. This aspect is
widely appreciated by users around the world. It creates a great user experience, which
causes them to come back for more.

2. Block Chain
Blockchain, sometimes referred to as Distributed Ledger Technology (DLT), makes the history of
any digital asset unalterable and transparent through the use of decentralization and cryptographic
hashing.
A simple analogy for how blockchain technology operates can be compared to how a Google Docs
document works. When you create a Google Doc and share it with a group of people, the document
is simply distributed instead of copied or transferred. This creates a decentralized distribution chain
that gives everyone access to the base document at the same time. No one is locked out awaiting
changes from another party, while all modifications to the document are being recorded in real-time,
making changes completely transparent. A significant gap to note however is that unlike Google
Docs, original content and data on the blockchain cannot be modified once written, adding to its
level of security.

Meaning
• A blockchain is a digital ledger or database where encrypted blocks of digital asset data are
stored and chained together, forming a chronological single-source-of-truth for the data.
• Digital assets are distributed, not copied or transferred.
• Digital assets are decentralized, allowing for real-time accessibility, transparency and
governance amongst more than one party.
• Blockchain ledgers are transparent any changes made are documented, preserving integrity
and trust.
• Blockchain ledgers are public and constructed with inherent security measures, making it a
prime technology for almost every sector.

Advantages of Blockchain for Banking

• Raising Funds: Raising cash via venture capital is a difficult undertaking today. The typical
scenario is as follows: entrepreneurs create decks, have numerous meetings with partners,
and participate in lengthy discussions about value and equity all in the goal of exchanging
their company for cash.
Companies that use blockchain technology are able to expedite the process by getting
funding in a variety of ways. These include Initial Exchange Offerings (IEOs), Equity Token
Offerings (ETOs), and Security Token Offerings (STOs). STO has become the most popular
option due to its legal protection.
 • Faster Payment: Faster payments with cheaper processing fees is a sure method for
improved customer satisfaction. Furthermore, by implementing blockchain, banks will be able
to reduce the requirement for third-party verification and speed up the processing of
traditional bank deals.
• Settlement and Clearance System: Blockchain has the potential to allow banks to settle
transactions directly and keep better track of them than traditional methods such as SWIFT.
A standard bank transfer takes a few days to settle due to the way our financial system was
set up. When it comes to transporting money throughout the world, many banks confront
logistical hurdles. A basic bank transfer must pass through a complex chain of intermediaries,
such as custodial services, before reaching its destination. Bank accounts must also be
reconciled across the global financial system, which consists of a huge network of funds,
asset managers, dealers, and other businesses.
• Trade Finance: Another area where blockchain is expected to have a significant impact is in
trade financing. All financial activities relating to international trade and commerce are
referred to as trade finance. We know that invoices, letters of credit, and bills are still used in
many trade finance transactions today. Many order management systems allow you to
complete this task online, but it takes a long time. Blockchain can streamline the trading
process by digitizing and eliminating the tedious manual.
• Loans and Credits: Traditional banking organizations use a credit reporting system to
underwrite loans. We’re looking at the future of peer-to-peer lending, as well as speedier and
more secure loan processes in general, and even complex programmed loans that can
resemble syndicated loan structures or mortgages, thanks to blockchain.
Banks that process loan applications look at things like credit scores, homeownership status,
and debt-to-income ratio to assess risk. They’ll need your credit report from specialized credit
agencies to gather all of that information.

Application of Blockchain Technology in Banking

Payments, Especially Cross-Border Payments: Payments are the first and foremost use case of
any banking and/or financial system. When it comes to blockchain finance, both central and
commercial banks all over the world are now tapping into this new technology in terms of payment
processing and potential issuing of their own digital currencies. This trend also embraces the cross-
border payments, which have been powered mostly by Swift or Western Union until now.
Stock Exchange and Share Trading: Buying and selling stocks and shares has always involved a
lot of third parties, such as brokers and the stock exchange itself. Here is how trading works:
• The buyer or seller initiates the trade.
• A broker sends a transaction to a stock exchange.
• The transaction is matched with another party (the counterparty).
• The transaction is sent to Central Counterparty Clearing House for risks evaluation.
• The buyer’s or seller’s representatives work with the Central Securities Depository (CSD) to
record the transfer.
• The transaction is sent to the Registrar or Transfer Agent of Initial Trade to update their list
of shareholders.
Trade Finance: Blockchain also plays an important role in the trade finance sector, financial
activities that are related to commerce and international trade (not stock exchange trading). Even in
today’s disruptive world of technology, many trade finance activities still involve lots of paperwork,
such as bills of lading, invoices, letters of credit, etc. Of course, many order management systems
allow to carry out all this paperwork online, but still, it consumes lots of time.
Digital Identity Verification: Online financial transactions are impossible without identity
verification. However, this verification requires a lot of steps to be taken, such as:
• Face-to-face checking
• Authentication: The bank client needs to prove their identity every time they log in to the
service.
• Authorization: A proof of the client’s intentions is needed.
All of these steps need to be taken for each new service provider. However, blockchain makes it
possible to securely re-use identity verification for other services.
Accounting, Bookkeeping, and Audit: Probably no other sphere that involves as much paperwork
as accounting, and it is digitalized relatively slowly. The reason behind that may be in strict
regulatory requirements regarding data validity and integrity. Therefore, accounting is another
domain that can be transformed with the power of blockchain technology finance, from simplifying
the compliance to streamlining the traditional double-entry bookkeeping.
Instead of keeping separate records based on transaction receipts, companies can write their
transactions directly into a joint register, with the entries distributed and cryptographically protected.
As a result, the records are more transparent, and any attempts of forging are almost impossible.
Think of it as an “electronic notary” verifying the transactions. In addition, blockchain’s smart
contracts can be used to automatically pay invoices.
Credit Reports for Businesses and Individuals: Blockchain finance can also help individuals and
small businesses to quickly get loans based on their credit history. It may take a long time for lenders
to review the borrower’s credit history. Traditional business credit reports provided by third-party
credit bureaus are not available for small business owners. Besides, paying companies to access
their sensitive data sounds strange and insecure. However, blockchain can provide tools that will
allow borrowers to make their credit reports more accurate, transparent, and securely shareable.

3. Robotic Process Automation in Banking

Robotics in banking and finance is primarily defined as the use of a powerful robotic process
automation software to
• Install desktop and other end-user device-level software robots
• Build Artificial Intelligence workforce or Virtual Assistants
RPA in the banking industry serves as a useful tool to address the pressing demands of the banking
sector and help them maximize their efficiency by reducing costs with the services-through-software
model.

RPA Uses in Banking

Since RPA can be applied to a large number of business process automation projects, there are
various well-defined uses in this space:
• Automatic Report Generation: Generating compliance reports for fraudulent transactions
in the form of Suspicious Activity Reports (SARs) is a regular requirement at banks and
financial institutions. Conventionally, compliance officers are supposed to read all the reports
manually and fill in the necessary details in the SAR form. This makes it an extremely
repetitive task which takes a lot of time and effort.
RPA technology, with natural language generation capabilities, can read through these
lengthy compliance documents before extracting the required information and filing the SAR.
For optimal results, the RPA software can be trained with inputs from the compliance officers
on the parts of each document which best fit each section of the report.
• Customer onboarding: Customer onboarding in banks is a long, drawn-out process;
primarily due to several documents requiring manual verification. RPA can make the process
 much easier by capturing the data from the KYC documents using the Optical Character
Recognition Technique (OCR). This data can then be matched against the information
provided by the customer in the form.
If there are no discrepancies post the automated matching, the data is automatically entered
into the customer management portal. RPA automation in customer onboarding not only
helps in avoiding manual errors but also saves a lot of time and effort put in by the employees.
• Know your customer (KYC) and Anti-Money Laundering (AML): The fact that both KYC
and AML are extremely data-intensive processes makes them most suitable for RPA.
Whether it is automating the manual processes or catching suspicious banking transactions,
RPA implementation proved instrumental in terms of saving both time and cost as compared
to traditional banking solutions.
• Account Opening: With RPA, the otherwise cumbersome account opening process
becomes much more straightforward, quicker, and accurate. Automation systematically
eliminates the data transcription errors that existed between the core banking system and the
new account opening requests, thereby enhancing the data quality of the overall system.
An excellent example of this is global banks using robots in their account opening process to
extract information from input forms and subsequently feeding it into different host
applications.
The results in the elimination of an error-prone, time-consuming, manual data entry process,
and a sharp reduction in turnaround time (TAT) while, at the same time, maintaining complete
operational accuracy and mitigated costs.
• Loan processing: Loan processing has always been considered as a tediously slow
process. Although the bank has automated the process to a certain extent, RPA further
accelerates it and brings it down to a record 10-15 minutes for processing.

Benefits of RPA in Banking and Finance

There are several benefits of RPA in the banking and financial services industry. Some of the
prominent ones are as elucidated below:
• Scalability: The fact that robots are highly scalable allows you to manage high volumes
during peak business hours by adding more robots and responding to any situation in record
time. Additionally, RPA implementation allows banks to put more focus on innovative
strategies to grow their business by freeing employees from doing mundane tasks.
• Increased Operational Efficiency: Once correctly set up, banks and financial institutions
can make their processes much faster, productive, and efficient.
• Cost-Effectiveness: Similar to any other industry, cost-saving is critical to the banking
industry as well. Banks and financial institutions can look at saving around 25-50% of
processing time and cost.
• Risk and Compliance Reporting: RPA in banking helps in generating full audit trails for
each and every process, so as to reduce business risk as well as maintain high process
compliance.
• Availability: Whether you are looking to reduce manual errors or are achieving high accuracy
at low cost, robots work 24×7 to complete the tasks assigned to them. Thus, reiterating the
ever-present availability.
• Zero Infrastructure Cost: One of the benefits of RPA in financial services is that it does not
require any significant changes in infrastructure, due to its UI automation capabilities. The
hardware and maintenance cost, further reduces in the case of cloud-based RPA.
 • Faster Implementation: With RPA tools providing a drag and drop technology to automate
banking processes, it is very easy to implement & maintain automation workflows without any
(or minimal) coding requirements.

4. Quantum Computing
Quantum computers are an entirely new type of hardware, operating on quantum physics principles.
While traditional computers use bits and a binary system of representing the information (either zero
or one), quantum devices store the information in qubits, which can find themselves in a particular
state, superposition. This allows them to process a vast amount of information significantly faster
than classical devices. However, quantum hardware technology still needs to develop; therefore,
most of the advantages that quantum computers offer compared to conventional computers are
almost entirely theoretical.
Companies in the banking and financial sector are already experimenting with this technology to
either harness its potential or take precautions with regard to its implications.

Quantum Computing as a Threat

Banks, hedge funds, asset managers, and all types of financial institutions deal with very sensitive
customer data as well as information regarding transactions and contracts. Moreover, regulators
require this data to be stored for periods ranging from several years to several decades. Therefore,
it is paramount that it should remain secure and private. Some of the encryption algorithms used
today rely on complex mathematical problems that classical computers cannot solve.
Quantum hardware has not yet reached the necessary level of development to run such algorithms.
Nevertheless, as soon as large-scale, fault-tolerant universal quantum computers become available,
there is a risk that all the data and private information concerning people, businesses, and
transactions may be exposed. Some scientists expect this to happen in the next decade. Based on
the principle “harvest now, decrypt later,” it is believed that evil actors are now hoarding encrypted
data, with a view to accessing it as soon as more powerful quantum devices become available.
Therefore, by starting to use quantum-resistant algorithms already at this stage, the data owners
could protect their information in the future, too.

Quantum Computing as an Opportunity

• Optimal arbitrage, credit scoring, derivative pricing, all these financial procedures involve
many mathematical calculations and become even more complicated and resource-intensive
as the number of variables increases. At some point, people have to settle for less-than-
optimal solutions, because the complexity of the problem surpasses the capabilities of current
technology and methods.
• One of the most acclaimed applications of quantum computing in the financial sector are the
accurate simulation of markets and the ability to predict how a change in a commodity price
will influence the cost of other assets.
• By optimizing machine learning and employing algorithms capable of recognizing patterns in
large amounts of data, quantum computers could perform these highly complex forecasts
and predictions.
• Trading and portfolio optimization are other areas where quantum computing could
significantly help.
• Having to consider the market volatility, customer preferences, regulations, and other
constraints, traders are currently limited by computational limitations and transaction costs in
simulating a large number of scenarios and improving portfolio diversification.
5. Artificial Intelligence
Artificial intelligence (AI) broadly refers to any human-like behaviour displayed by a machine or
system. In AI’s most basic form, computers are programmed to “mimic” human behaviour using
extensive data from past examples of similar behaviour. This can range from recognizing differences
between a cat and a bird to performing complex activities in a manufacturing facility.

Applications of Artificial Intelligence in Banking

• Customer Service/Engagement (Chatbot): Chatbots deliver a very high ROI in cost
savings, making them one of the most commonly used applications of AI across industries.
Chatbots can effectively tackle most commonly accessed tasks, such as balance inquiry,
accessing mini statements, fund transfers, etc. This helps reduce the load from other
channels such as contact centres, internet banking, etc.
• Robo Advice: Automated advice is one of the most controversial topics in the financial
services space. A robo-advisor attempts to understand a customer’s financial health by
analysing data shared by them, as well as their financial history. Based on this analysis and
goals set by the client, the robo-advisor will be able to give appropriate investment
recommendations in a particular product class, even as specific as a specific product or
equity.
• Cybersecurity: AI can significantly improve the effectiveness of cybersecurity systems by
leveraging data from previous threats and learning the patterns and indicators that might
seem unrelated to predict and prevent attacks. In addition to preventing external threats, AI
can also monitor internal threats or breaches and suggest corrective actions, resulting in the
prevention of data theft or abuse.
• Credit Scoring/Direct Lending: AI is instrumental in helping alternate lenders determine the
creditworthiness of clients by analysing data from a wide range of traditional and non-
traditional data sources. This helps lenders develop innovative lending systems backed by a
robust credit scoring model, even for those individuals or entities with limited credit history.

Benefits
• Regulatory Compliance and Fraud Detection: As financial institutions increase their
vigilance; fraudsters alter their behaviour. Since large sum transactions are flagged for
investigation, fraudsters have learned to deal in amounts just under the limit of detection.
Without proper analysis, criminal activity can go undetected despite meeting the prescribed
requirements. This is one area where artificial intelligence is genuinely superior to humans.
Artificial intelligence analyses large amounts of data and picks out suspicious transactions.
Manually analysing such transactions leads to mistakes. Without an AI fraud detection
system in place, it’s a field day for criminals to launder money or finance illegal activities.
• Improved Investment Evaluation: The decision to invest is still in the hands of human
analysts. Investment analysis software makes the process easier and accommodates more
variables. If the institution has interests outside its national borders, accessing information
can be time-consuming. Assessing a new environment can be a challenge, but the right AI
software is instrumental in hastening the process.
• Better Customer Experience: In the quest for a shorter turnaround time, a Decision
Management System (DMS) can reduce the time it takes to capture Know Your Customer
(KYC) information and eliminate errors. In addition, with proper business rules software,
business decisions can be implemented and rolled out without lengthy procedures.
Banks can earn the trust and confidence of clients by reducing turnaround time. In addition,
DMS software can reduce approval times for facilities.
 Sometimes, bank employees open accounts erroneously, leading to restrictions placed on
client accounts. That can be very frustrating for a client. Accurately capturing client
information and correctly setting up client accounts ensures a smooth experience for your
customers.
• Reduced Operational Costs and Risks: With increased accuracy, the number of people
the organization needs to assess transactions and activities is further reduced. There’s also
a benefit to employee wellness. For example, a DMS reduces data entry time, meaning your
team can spend more time innovating and focusing on core business tasks.
• Improved Loan and Facility Evaluation: Using credit scores to evaluate eligibility for
financing often relies on outdated information, misclassification, and errors. However, these
days there’s so much more information available online that can give a more realistic picture
of the person or business under evaluation. An AI-based system can give approval or
rejection recommendations by considering more variables even when the party, whether
personal or business, has little documentation.

6. API (Application Programming Interface) Platforms

API Banking makes use of APIs for communication between bank and client servers, making data
transfer between these two systems seamless, ensuring seamless and secured integration between
the customer’s and bank’s systems. This ability of API Banking helps the customer to perform
banking transactions in an easy manner without having to toggle between his Enterprise Resource
Planning (ERP) platform and bank.

How API Banking Works

Over the last few years, APIs have become particularly significant to banks and fintech bodies. APIs
provide better means to share data, integrate with systems, and personalise services, making
financial services quick and efficient.
The same applies to banking. Banks grant secured access to their financial services to third-party
platforms, helping companies build products around banking services. Essentially, the core of the
banking operation remains the same, but the experience is heightened.
Let’s consider an example where the bank is HDFC and the third-party company is RazorpayX.
• HDFC bank allows RazorpayX to access its banking services, making transfers, balance
query, and other functions available
• Next, the integration of HDFC’s APIs with RazorpayX’s products takes place
• Finally, RazorpayX makes API calls and fetches the necessary services from HDFC to further
execute banking operations

Benefits of API Banking

With API banking, innovators have more flexibility to provide the best features and services to
streamline financial services, thereby creating a surge of competition and innovation in fintech
products. This has created somewhat of a revolution in business banking.
• With real-time capabilities, get enhanced visibility of cash flow, cash position, and more,
across currencies
• Reduce administrative hurdles with regard to managing your finances like applying for a
business loan, checking your creditworthiness, and more
• With real-time capabilities, get enhanced visibility of cash flow, cash position, and more
• Have a single view of all your finances while being able to control, track, and analyse all
financial movements, all in one place
7. Prescriptive Security: Meaning, Features
Prescriptive security is, at its heart, a fusion of technologies and processes designed to reduce the
time and effort needed to detect and respond effectively to cyber security threats and incidents. A
critical aspect of prescriptive security is its use of automation and artificial intelligence technologies.
It is vital that the exact combination of technologies and processes – including where and at what
level automation is used – is based on a thorough understanding of the organization’s specific risk
profile and level of risk appetite.
By implementing prescriptive security, the ever more precious human resource of analysts is freed
up to focus on higher-priority, actionable scenarios. At the same time, the organization gets better
not only at detecting and responding to security incidents but also at predicting, preventing and pre-
empting risks and incidents.
Against a backdrop of increasingly sophisticated and diverse cyber security threats, prescriptive
security is becoming business-critical for public and private sector organizations to protect their
people, customers, systems, networks, and data from any kind of harmful breach or attack

Benefits
• Optimized Business Prediction: The most significant characteristic of prescriptive analytics
is its prediction decision. The future of data analytics is none other than Prescriptive Analytics.
It can go beyond the prediction of upcoming events in the business and make excellent
strategic judgments. The advantage of prescriptive analytics is whether there is a shift in
pricing or any new situation, business owners can check how some tools can affect their
business.
• Enhance the Personalize Consumer Experience: Every customer prefers to have a
business with personalized experience. It can execute by gathering data from various
customers through a different medium. Later, with data analytics, a massive profile of the
customer is created, by which the companies can obtain insights. With data analytics, you
can predict customer behaviour and provide them a better-personalized experience.
• Dynamism: Another advantage of Prescriptive Analytics helps to accomplish the goal of
decision-making quicker, improve, and cost-effective. Hence, it enhances the productivity of
the business groups and helps to concentrate on their expertise domain.
• Such analytics have been created to be user-friendly, so it will help business users to
determine the next decision. This method also efficiently decreases data and communication
obstacles, so every group can improve its work.
• Improve Data Safety: No matter what business it is, there are always threats to its security.
Organizations can use data analytics to discover the cause of previous data breaches
through following analysis. The process can be long-drawn, but it will help to detect the cause
of the data breach. The information can ease IT find vulnerabilities and make it such a method
that it does not happen again.
The team can also use analytical models to block attacks. Companies can establish models
to work constantly, monitor, and keep the system on the alert. It will help you not mislay
essential data with data breaches.
• Make Decision Less Complicated: Every business owner worries before deciding that it will
work as per the plan or not. But with perspective analytics, it can be possible. The advantage
of perspective analytics is that it makes prediction less complicated. With the past-present
data, the future forecast of business can be more precise. The chances of risk also decrease
and make the strategic decision more valuable. With Prescriptive Analytics, the response of
the audience can be known and transform the method of decision-making of the company.