Provide two recommendations about factors that could improve the methodology and

Question

Provide two recommendations about factors that could improve the methodology and approach used in the data analysis below.

The source and type of data being collected and analyzed in the banking and financial industries is data analytics. According to Genpact, 2014, Analytics is helping the banking industry become smarter in managing the myriad challenges it faces. Advanced predictive and prescriptive analytics are generating powerful insights in the banking and financial industries. Banking and financial industries are now able to manage the increasing cost of compliance and risk of both monetary and reputational of non compliance due to advanced analytics backed solutions. Product and portfolio optimization modeling is helping banks achieve profitable growth in an environment with significant volatility across asset classes and rising losses in traditional banking products (Genpact, 2014).

     The banking and financial industries are able to stay ahead of fraudsters, drug cartels, terrorists, organized mafia, and others in preventing money laundering and losses due to sophisticated risk modeling. By 2020, adoption of third-party analytics business is expected to quadruple. Now the penetration of analytics services in banking is in the nascent stage. Analytics in the financial institutions has added value for the businesses.

Explanation / Answer

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So, banking and finance domain is the most secure domain and since this domain are now migrating towards cloud, so all the valuable data needs to be secured and processed in order to generate new growth and revenue. So, data analysis plays a vital role in enhancing customer’s experience. So, based on the two factors which could improve the approach and methodology of using data analysis.

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