New TechnologiesMost banks in Singapore are beginning to develop data capabilities to promote the use of data technology across the financial services industry.
They have also been working with various business units to understand and support their reporting and analytics requirements via their big data platform and enterprise data warehouse.In my organisation, we are banking on digital evolution to elevate customer experience through the application of artificial intelligence, machine learning, and automated technologies to CRM data.Here are some of the new technologies /innovations that organisations are embarking on.• Data AnalyticsThe analysis and examining large repositories of unstructured data to identify otherwise invisible trends across large data sets There are 3 phases to this: Explore & Prepare, Analyse & Interpret, Validate and Communicate.The end goal of a Data Science Project is to create an effective product that answers key objectives in the form of a dashboard, a recommendation or anything that facilitates business decision making.
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• Big Data: The definition of Big Data, given by Gartner is, “Big data is high-volume, and high-velocity and/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation”.Organisation must always pick your business problem first, then look at the data. A trap that may companies fall into is spending a great deal of time and money divining trends and clues from their data sets, without knowing how they will eventually apply these insights.Big data is being utilized in many areas in the financial institutions, such as: Employee monitoring and surveillance. Predictive model are being used by insurance underwriters to set premiums and loan officers to make lending decisions• Machine LearningIt is a subset of artificial intelligence.
It is the ability of a machine to improve its own performance through the use of a software that employs artificial intelligence techniques to mimic the ways by which humans seem to learn, such as repetition and experience.There are 3 types of Learning:-1) Supervised Learning2) Unsupervised Learning3) Reinforcement LearningMachine learning gather data (inputs) then use one of the learning method in order to improve its accuracy to deliver the right output.
