Maturity of data analytics for audit and adoption thereof in banks in India

Abstract

The Banking industry in India has seen a phenomenal increase in the application of Data Analytics as it embarks on the journey of meeting international standards. Data Analytics is now becoming a key innovator and game-changer in the Banking Sector. Data Analytics identifies multiple areas where the banks can perform better. In the recent past, banks have increasingly invested in this space for apparent benefits; the more prominent areas include Customer Support and Management, Risk Management, and as a critical decision support system to the Management. Data Analytics enables researching for opportunities in emerging markets, lowers time to market, and funding blockchain projects.