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The growth of Big Data
Data is not just the new oil, but the new land too. In short, data is perhaps the most important resource to have in this century. With billions of data points and information being collected across the world every second through the internet and other avenues, the data size is increasing manifold. The upcoming technology is focusing on how to organize and sort this huge amount of data to derive insights and read patterns.
This, in effect, is referred to as Big Data Analytics Courses. Every major or minor firm, big or small player, in the consumer retail sector to healthcare and financial series, is using insights generated out of this big data to shape and grow their businesses. The lending business is no exception and can benefit immensely from the use of data. Fin-tech is changing the way the banking industry operates and making banking operations smoother, automated and more cost-effective. From fraud mitigation to payment solutions, Fintech is changing the way we think about banks.     
Data in lending business  
From the origination of the role to its continuation and life cycle management data can drive decision making in lending business. The patterns that can be read out of consumer data can predict the loans requirement, the capability of repayment of loans, the frequency of late payments or defaults and even the need for the consumers to refinance their loans. The fin-tech start-ups have already begun using the data in such a way, and hence the alternative lending businesses have bloomed over the last few years. Many banks are either merging with such alternative business lenders or taking the help of third party service providers to help boost their capabilities and skills to use big data analytics in business.
The areas of thrust
The major areas where lending business can be aided through the use of big data analytics are the portfolio risk assessment, stress tests, default probabilities and predicting the loan patterns of consumers. Credit card business already uses such technology extensively in assessing and evaluating their consumers.
For example, the credit card issuers tracked the repayments data of the users and based on the profession or the region; they may at times predict if the balances are going to be resolved or if they are going to be paid up front. They then design their marketing strategies keeping the results of analytics in mind in those areas or regions or regarding those specific consumers.
In the bygone years, the only way banks used to evaluate the creditability of a prospective borrower was to assess his or her records of past loans and repayment history. However, with new real-time data points, banks can study behavioural patterns and take appropriate decisions. Refinancing loans is another important area where technology and finance have come together to make life easier for consumers and banks alike. 
The algorithms can predict when a borrower may need to refinance his loans and can credit the amount in his account within seconds without all the paperwork and unnecessary delays. Another area that has transformed with the advent of big data and technology is the internal auditing of banks. With a digital record of every transaction or decision-making process, compliance rules and regulations are now easier to adhere to and track. 
Lastly, and perhaps most importantly, customer feedbacks have become important in this industry like never before. The algorithms can sift through loads and loads of data in the form of feedbacks and can implement solutions to enhance customer experiences on a real-time basis. Technology has changed almost everything around us and the lending operations to are no exception to the rule. In the years to come, banking may undergo a drastic transformation with elements that at this time, we may even be unable to imagine.
 

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About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
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