Financial service companies are now betting big on data
MUMBAI: Many banking, financial services and insurance (BFSI) players have turned data worshippers. Data can precisely map demographics, individual preferences and financial tendencies that help risk projection and customer relationship management. And the field is vast and diverse from private weather bureaus to food app payment gateways, telecom bill payments and even social media records. Take meteorologist Jatin Singh and his team. They pore over hundreds of drone-captured pictures and satellite images to map agriculture across central India. The founder of Skymet Weather Services demarcates farmlands on the basis of government records and uploads them onto a platform secured by a pay-wall. virtual cfo services Banks and insurers are Skymet’s clients. “Over the next few months, we’ll cover other regions too… This data is turning out to be very useful for banks,” says Singh, whose reports have helped lenders disburse over 10,000 crop loans. Drone-captured images, ac...