Moneycontrol
Last Updated : Aug 07, 2018 04:41 PM IST | Source: Moneycontrol.com

Macro@Moneycontrol | Is there merit in using data analytics for financial services?

Banks and financial institutions have been the early adapters of big data analytics to understand credit behaviour of customers among other aspects

Gaurav Choudhury @gauravchoudhury

A government-appointed panel has come out with a draft privacy law. Many say that even in comparison to other Asian countries, such as South Korea, which in 2016 strengthened its data privacy laws by imposing stricter penal provisions for violations, and Singapore, which protects privacy under the Personal Data Protection Act, India lags behind.

Banks and financial institutions have been the early adapters of big data analytics to understand credit behaviour of customers among other aspects. But there have been incidents in the past of data being stolen.

In October 2016, debit card data of 2.3 million customers was stolen. So how advisable is to depend on data analytics and how to avoid the risks around privacy?

Moneycontrol economy editor Gaurav Choudhury talks to Martin Navratil, Chief Business Development Officer, Home Credit India Finance, and Narendra Bhasin, Professor, Amity University, and former Vice President, Axis Bank.
First Published on Aug 7, 2018 04:41 pm
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