Using analytics, Axis Bank increased the performance of the sales staff by five times.
Business Analytics is proving to be a boon for the Indian banking industry. Talking about how banks are using analytics in improving their performance, Amit Sethi, CIO, Axis Bank said, “A lot of anatytics is being used in all the banks and if we talk about Axis Bank, we have been using analytics in almost every sphere. For example, when our sales guys are pitching to a client for some loan, we try and find out what the background of the customer is and what is the likelihood of him taking a particular loan. All this is done through analytics.”
Sethi says that Axis Bank has seen the productivity of the sales staffs increase by five times in the last financial year. “It is staggering to see that performance of a particular department can go up by five times by just using analytics. I believe that this gives the bank the liberty to employ more people and get more business. At the end of the day, productivity is the key and we as IT professionals are always on a lookout to use technology in a manner which enhances the organisation's profitability.”
Addressing audiences in an event titled “IT World Forum, SMAC: For Business Transformation”, Sethi mentioned that it is very important for organisations to understand the importance of business analytics and use it in a manner where they can align their business processes to various departments.
“I strongly believe in using technology to improve productivity. Today 95 percent of our bank's transactions do not happen in the branch and that has been achieved through analytics. The banking industry has achieved a lot through analytics and I feel that other industries should also try and reap the benefit of this technology.”