Data Science will be crucial for aspiring bankers

Data Science is the modern age oil that allows every economy/industry to thrive. It has an impact on every industry. The broader data science area encompasses a wide range of domains such as data analysis, data visualisation, programming, predictive analytics, and so on. Simply put, data science is now one of the most commonly used applications in the Banking, Finance, and Insurance Industry (BFSI).

Banking sector leveraging Data Science

Banking processes that were formerly time-consuming have now been transformed into services that are only a click away because of data science. As a result, it's not unexpected that the need for data science expertise in the banking sector has been soaring in recent years.

The banking industry is the world's largest data consumer. Everything from competitor analysis to strategy planning, customer targeting, support services, fraud detection, and the development of recommendation engines incorporates real data evaluations. As a result, the chances for data science aspirants in this field are limitless. Aspirants will get decent pay and job opportunities in this field.

Data science provides an entirely new path for anyone looking to work in the banking industry. Data Science not only helps learners learn industry-oriented basic skills, but it also upskills banking professionals with the sector's ever-changing technologies.

Data Science courses and career opportunities

Individuals with data science skills can work as financial analysts, AI specialists, credit risk analysts, ML engineers, and data scientists in banks, real estate, insurance businesses, and investment brokerages.

Aspirants can master these high-paying skills through a variety of data science courses that are offered online, hybrid, or offline. Many universities also provide certifications that validate your knowledge of the relevant domain.

Individuals and professionals can master the demanding skills of the banking business by taking certification courses on platforms such as Udemy, Learnbay, IABAC, EdX, and others. The "Complete Financial Analyst Course 2020" by Udemy, the "Advanced Data Science and AI Program" by Learnbay, the "Certified Data Scientist- Financial Certification" by IABAC, the "Credit Risk and Credit Analysis Certification" by EdX, are among the courses that are already available.

Data Science statistics for private and public sector banks

According to a survey published by Analytics India Magazine, the private banking sector in India has the greatest adoption of 100% analytics. The industry also has the biggest annual average analytics budget, at 88.5 million USD per company, which is six times greater than the analytics budget of public sector banks, which is 16.1 million USD per company. The largest analytics operations in the Indian market are owned by private businesses like ICICI and HDFC.

Analytics allows banking players to stay relevant among their peers. Although public sector banks lag behind private sector banks with a 66.7% analytics adoption rate, this percentage is greater than their 2019 figure, which was only 50%. As a result, analytics and data science are becoming more prevalent in both the business and public sectors.

Conclusion

Data science is quickly becoming the most popular course among young people and working professionals due to its high demand. The banking and finance industries require highly trained personnel to help their organisations flourish. A financial analyst's annual salary is roughly 4 lakh INR. A credit risk analyst earns an average yearly compensation of 8.5 lakh INR, whereas an AI specialist earns an average annual salary of 8 lakh INR.

Thus, updating yourself with cutting-edge data science technology is essential. Learning data science is essential for young people who want to work in the financial industry. The banking industry is experiencing a surge in demand for senior/entry-level data scientists and analysts. Thus, data science courses backed by substantial knowledge of analytics, AI, and ML learning provide a platform for kids to land their desired job and secure a successful career future.

(The author is the co-founder and chief business officer of Learnbay Institute, a Bengaluru-based EdTech firm)