Predictive Analytics Adoption by Banking and Financial Services the Future Perspective
Deepak Kikan1, Sumeet Singh Jasial2, Yudhvir Singh3
1Deepak Kikan, Research Scholar, Amity Business School, AUUP, Noida, India.
2Dr. Sumeet Singh Jasial, Asst. Professor, Amity Business School, AUUP, Noida, India.
3Dr. Yudhvir Singh, Professor and Dean, Department of Computer Science and Engineering, MD University, Rohtak, India.
Manuscript received on 01 April 2019 | Revised Manuscript received on 06 May 2019 | Manuscript published on 30 May 2019 | PP: 832-837 | Volume-8 Issue-1, May 2019 | Retrieval Number: A9231058119/19©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Predictive Analytics is not the magic key to solve all the business problems but if utilized properly by aligning the business objectives with this technology, it surely can help tackle one problem at a time and create robust solutions to some of their business problems. Banking and Financial Services have been targets of financial frauds and have been used as an instrument by financial fraudsters. Predictive Analytics is being used by banking and financial services sector to prevent such frauds, however the adoption is not at par with Information Technology, Healthcare and Pharmaceutical, and E-commerce1.This paper is for analyzing the critical factors that are causing Banking and Financial Services sector adoption to be slower than the other industries and suggest drivers to improve the adoption thus support it in fighting financial frauds through Predictive Analytics and safeguarding itself and its customers’ interest. The paper will also discuss various areas of Predictive Analytics being used by Banking and Financial Services companies to detect financial frauds. This paper will help set the base for Banking and Financial Services institutions, who are still not fully utilizing the potential of Predictive Analytics, to understand its potential and as well as help them adopt Predictive Analytics.
Index Terms: Analytics Based Decisions, Predictive Analytics Adoption Drivers, Predictive Analytics Adoption in Banking and Financial Services, Predictive Analytics in Business Decisions.
Scope of the Article: Predictive Analysis