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July 28, 2024
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April 9, 2024
Here 3 Financial Data Analytics Project you should really needs to try and add in your Resume
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It's becoming increasingly evident that managing financial data is becoming more complex. While it poses challenges for Banks and Insurance Businesses, it also holds significant potential.
According to a recent study, the global financial analytics market has grown from $7.6 billion in 2020 and is expected to reach $19.8 billion by 2030. It is growing at a CAGR of 10.3%, which is a quick pace. Now is the right time to understand what financial analytics is and enter the industry.
It sees a constant influx of information daily, and it falls upon data analysts like us to track and present this data to stakeholders, including supply chain managers. Reporting goes beyond just presenting numbers and charts; it involves understanding the specific needs and preferences of the Financial managers.
Fortunately, in this scenario, we can assist in identifying their requirements, desires, goals, and objectives, thereby providing them with the insights they seek.
Let's begin by delving into understanding the data better.
This project focuses on a detailed analysis through a five-step strategy that includes identifying stakeholders, creating empathy maps, determining key performance indicators (KPIs), setting objectives and goals, and formulating strategic questions. This approach aims to better understand customer needs, improve service delivery, and drive business growth by making data-driven decisions in the car insurance domain.
Let's say, for this use case our Business Persona will be - Insurance Manager. We will look into the data with an Insurance Manager perspective so that we have a starting point on how we perceive the data.
Once, let's get into the mind of our Insurance Manager with an Empathy Map:
Now, let’s define the objective of our Insurance Manager based on the empathy map we just created.
Objective : The Insurance Manager aims to improve how well the insurance portfolio does by focusing on the areas that make the most money and making better models for figuring out risks. They plan to use what customers say to make their insurance products and customer service better, hoping to make customers happier.
Next, let's measure success with some KPIs:
Finally, let's ask some burning questions during our Exploratory Data Analysis (EDA):
Observation: We have 16891 customers with $34.6 billion insured amount and 35066 policies running.
Observation: Amex cc is popular amongst customers and they like the Direct Debit Facility of payment mode.
Observation: Our customers prefer TP Renewal more and their favourite vehicle type is SUV.
Observation: Luxury and RTI Package are popular in high end customers whose top 3 vehicle type choices are Sports Car, MPV, SUV.
The project analyzes Bank's workforce using customer loan data to enhance loan operation efficiencies. It involves data-driven insights into operational focus and market strategies, centered around stakeholder identification, empathy mapping, KPI determination, and goal setting to optimize resource utilization and foster business growth.
Let's say, for this use case our Business User will be - Loan Manager
Once, let's get into the mind of our Loan Manager with an Empathy Map:
And now, let’s define the objective based on the Loan Manager Empathy Map
Objective : Enhance workforce efficiency and performance in the loan management department to optimize resource utilization and drive business growth. This objective aims to improve loan manager productivity, streamline loan processing, and recognize top performers. By implementing targeted training programs and performance evaluations, we seek to achieve measurable improvements in loan disbursal rates and customer satisfaction within the next quarter.
Next, let's measure success with some KPIs:
Finally, let's ask some burning questions during our Exploratory Data Analysis (EDA):
Observation: With 40 Sales managers, 490 Sales Representatives and 691 Dealers across the country have reached 16998 customers.
Observation: There seems to be a difference between our top sales manager i.e. Rakesh Kumar and other remaining managers.
Observation: Rakesh Kumar has the highest Loan Amount in comparison to others with $765.7m across 10 sales manager.
Observation: Since it seems Rakesh Kumar is operating in all the regions across the country, he has exceptional performance.
The project analyzes Bank's workforce using customer loan data to enhance loan operation efficiencies. It involves data-driven insights into operational focus and market strategies, centered around stakeholder identification, empathy mapping, KPI determination, and goal setting to optimize resource utilization and foster business growth.
Let's say, for this use case our Business User will be - Chief Finance Officer
Once, let's get into the mind of our Chief Finance Officer with an Empathy Map:
And now, let’s define the objective based on the Chief Finance Officer Empathy Map
Objective : To enhance the security of financial transactions by employing advanced data analysis techniques. This includes real-time monitoring, anomaly detection, and proactive measures to identify, investigate, and mitigate potential instances of credit card fraud, thereby safeguarding the financial system's integrity.
Next, let's measure success with some KPIs:
Finally, let's ask some burning questions during our Exploratory Data Analysis (EDA):
Observation :
Observation :
Observation :
Observation :
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Explore full Online Fraud Analysis Data Story Here👇
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