“Data management is a science to manage customers; harness technology to be competitive, increase customer retention, and respond better to regulations,” says Ravikiran Mankikar, GM – IT Department at Shamrao Vithal Co-op Bank (SVCB), in an interview with InformationWeek.
Recently, InformationWeek did an interview with Mr. Mankikar about how big data management applies to the banking industry and how it can be used to improve different facets of the business. Mankikar explains the importance of data management form his perspective:
“Banks are custodians of personal information of customers. Banks utilize this information to gain insights into customer buying habits. When we analyze information with respect to a number of customers, we understand the unique needs of each customer, and customize our products accordingly. Data is hence, extremely important for us from a competitive point of view.
This data, however, is in a raw form, which we then transform into information using business intelligence. For extracting meaningful information from the data, we have to ensure that data is clean and updated. The result of any transformation of data into information depends on the quality of data. We need to ensure that there is no duplication of data.
We have to also ensure that pertinent data is stored according to the current context. Data management is all about enhancing customer expectations and customer retention by intelligently using data.”
Mankikar continues to explain that the potential profitability of big data, if used well, far outweighs the cost. He gives the following example from his personal experience at SVCB:
“A case in point is Dharavi, a lower middle class area with unbanked population. To sell our banking products in this area, we need to assess whether our products are in line with their needs. Accordingly, we collect data through ancillary sources and then map this data to the products we have. Depending on the business requirement, we take decisions to modify our products to cater to this segment. The masses in these areas hold a huge potential for us in the urban co-operative space, as these people would not go and open bank accounts with large banks. Hence, data management is extremely important.”
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