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Time to Change the Game of Online Lending With AI and Big Data

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Time to Change the Game of Online Lending With AI and Big Data

As digitization grows in size and width, more and more companies are seeking ways to modify their digital lending services. It would be effective as well as profitable for both borrowers and lenders. And as a topping on the cake, companies resort to Artificial Intelligence and Big Data as they believe they are the future powerhouse of loans.

Originally banks being the lenders make the lending decision based on a loan applicant’s credit score – which is a 3-digit number collected from renowned credit bureaus, like Equifax and Experian. Credit scores are obtained from large piles of data, such as credit history length, payment history and credit line amounts, and are used to decide whether the applicants would be able to repay their debts. They are also good to determine the interest rate of loans.

online-lending

Low credit score is an indication that you are a risky borrower, which may end up in rejection of your loan application or else you have to pay excessively higher interest rate.

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Artificial Intelligence: What the Future Holds for India, Next to US – @Dexlabanalytics.

However, according to digital lending platforms, this kind of information isn’t enough – they fail to draw the actual picture of the loan applicant’s credit worthiness. Rather, it is advisable to include hundred other data points in the scrutiny process, and they don’t have to be based on financial interactions alone. Include educational certifications, employment documents, and even you can take help from minor information, like your nap time, website browsing preferences, chatting habits and so on.

The mechanism of Peer-To-Peer Lending

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At times, the concept of Big Data is downright challenging – it creates more confusion than clearing things out. Even Artificial Intelligence is included in this, though marketing teams of countless companies are relying on this advanced technology to enhance profitability and efficiency in operations – pundits from the online lending industry believes AI can actually change the way fintech companies perform.

Artificial Intelligence: Let’s Crack the Myths and Unfold the Future to You – @Dexlabanalytics.

Leveraging AI

For example, Upstart, a California-based Peer-to-Peer online lending company uses the power of AI to process loans. It implements machine learning algorithms to perform underwriting decisions. Machine Learning possesses the ability to analyze and coordinate large chunks of customer data to draw patterns that would remain unnoticed if done manually through human analysts.

According to Upstart, this process eventually works out well for people with limited credit history, lower income level and young borrowers. The company has also initiated an automation of 25% of its less risky loans to keep future prospects in mind.

Another Chicago-based startup Avant is harnessing machine learning to identify fraud – by comparing customer behavior with the initial available data belonging to normal customers, while singling out outliers. They are now planning to extend their services to brick-and-mortar banking structures that are planning to set their foot in the online lending business.

5 Hottest Online Applications Inspired by Artificial Intelligence – @Dexlabanalytics.

Today, digital lending is witnessing a steady growth worldwide, and India is not lagging behind. The perks of introducing machine learning and analytics are evident everywhere, so get yourself charged up and ride on the road of analytics. DexLab Analytics offers excellent big data hadoop certification in delhi ncr. Get enrolled today to experience the best!!

 

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How to Devise a Big Data Architecture – Get Started

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How to Devise a Big Data Architecture – Get Started
 

Designing Big Data architecture is no mean feat; rather it is a very challenging task, considering the variety, volume and velocity of data in today’s world. Coupled with the speed of technological innovations and drawing out competitive strategies, the job profile of a Big Data architect demands him to take the bull by the horns.

Continue reading “How to Devise a Big Data Architecture – Get Started”

4 Ways Airlines Industry Can Use Big Data for Better Customer Satisfaction

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4Ways Airlines Industry Can Use Big Data for Better Customer Satisfaction

While waiting to board your plane, the last thing you would want to hear is – we regret to inform, your flight has been delayed or worse cancelled, leaving you exasperated at the very hour. Even though your flight takes off on time, while waiting in front of the baggage carousel, you may face some moments of anxiety before your bag arrives on time. Luckily, these distresses are now becoming a thing from the past.

Things are changing, and technology world is evolving drastically. By leveraging Big Data and technology upgrades, aircraft industry has been able to improve their operations and work more smoothly and accurately. In addition, the air travel industry is witnessing several benefits, in terms of revenue and consumer satisfaction.

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Here are the ways in which airlines have been using data to derive maximum operational gains everyday:

Smart Maintenance

Wear and tear is common, even the most advanced airplane models equipped with superior technology require time to time maintenance. Owing to this, travelers may experience delays – as per 2014 survey data, mechanical glitches were the second most reason for the majority of flight cancellations and delays. Maintenance takes its toll on airlines potential as the planes need to be grounded for repairing.

With Big Data, airlines can easily track their planes, predict crucial repairs to be done, and provide advice about which parts need to be bought ahead of time and which to keep in reserve on hand for last minute technical issues.

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Reducing Jet Fuel Use

It is impossible to predict how much fuel is used onboard for any given route, historically. But Big Data analytics and cloud data storage has made the impossible possible – you can now track how much fuel is being consumed by each airplane, while taking all the factors into consideration. This paves the way for airlines to draw predictions about the amount of fuel required for a trip to how many number of passengers can board at once.

Taking the Boarding Decisions

Remember, airlines lose if they fly with empty seats, so it’s in their best interest to get everyone onboard. With the help of real-time data, airlines can now easily decide whether to wait for a passenger or leave on time so as not to harass other passengers who might catch connecting flights. Smart boarding is now the key, gone are the days when decisions used to be based on instincts. It’s time to enhance efficiency and performance.

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Tracking Bags

Travelers who travelled before had to be hopeful about their luggage making it back to them. But now, Big Data revolution and tracking technology has changed a lot of things. Nowadays, airlines ensure its travelers the peace of mind that they will surely receive their luggage as promised.  Delta is the first airline that offered tracking data facility for its passengers, using an app format. Customers can easily monitor their bag, reducing the uncertainty revolving luggage arrival.

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Flight operations, crew operations, marketing and air cargo are some areas in airlines industry that boast of rich opportunities for Big Data solutions implementation. In our modern economy, competition is at its peak. To make your airfare rates cheaper and save big on jet fuel, shaking hands with Big Data technology is imperative.

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Data Science: Is It the Right Answer?

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‘Big Data’, and then there is ‘Data Science’. These terms are found everywhere, but there is a constant issue lingering with their effectiveness. How effective is data science? Is Big Data an overhyped concept stealing the thunder?

Summing this up, Tim Harford stated in a leading financial magazine –“Big Data has arrived, but big insights have not.” Well, to be precise, Data Science nor Big Data are to be blamed for this, whereas the truth is there exists a lot of data around, but in different places. The aggregation of data is difficult and time-consuming.

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Statistically, Data science may be the next-big-thing, but it is yet to become mainstream. Though prognosticators predict 50% of organizations are going to use Data Science in 2017, more practical visionaries put the numbers closer to 15%. Big Data is hard, but it is Data Science that is even harder. Gartner reports, “Only 15% organizations are able to channelize Data Science to production.” – The reason being the gap existing between Data Science expectations and reality.

Big Data is relied upon so extensively that companies have started to expect more than it can actually deliver. Additionally, analytics-generated insights are easier to be replicated – of late, we studied a financial services company where we found a model based on Big Data technology only to learn later that the developers had already developed similar models for several other banks. It means, duplication is to be expected largely.

However, Big Data is the key to Data Science success. For years, the market remained exhilarated about Big Data. Yet, years after big data infused into Hadoop, Spark, etc., Data Science is nowhere near a 50% adoption rate. To get the best out of this revered technology, organizations need vast pools of data and not the latest algorithms. But the biggest reason for Big Data failure is that most of the companies cannot muster in the information they have, properly. They don’t know how to manage it, evaluate it in the exact ways that amplify their understanding, and bring in changes according to newer insights developed. Companies never automatically develop these competencies; they first need to know how to use the data in the correct manner in their mainframe systems, much the way he statisticians’ master arithmetic before they start on with algebra. So, unless and until a company learns to derive out the best from its data and analysis, Data Science has no role to play.

Even if companies manage to get past the above mentioned hurdles, they fail miserably in finding skillful data scientists, who are the right guys for the job in question. Veritable data scientists are rare to find these days. Several universities are found offering Data Science programs for the learners, but instead of focusing on the theoretical approach, Data Science is a more practical discipline. Classroom training is not what you should be looking for. Seek for a premier Data analyst training institute and grab the fundamentals of Data Science. DexLab Analytics is here with its amazing analyst courses in Delhi. Get enrolled today to outshine your peers and leave an imprint in the bigger Big Data community for long.

 

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Get Introduced to Big Data Analytic Techniques and Fly High

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Big data is the big word, NOW. Data sets are becoming more and more large and complex, making it extremely troublesome to coordinate activities using on-hand database management tools.

Get-Introduced-to-Big-Data-Analytic-Techniques-and-Fly-High
The flourishing growth in IT industry has triggered numerous complimentary conditions. One of the conditions is the emergence of Big Data. This two-word seven-letter catch phrase deals with a humongous amount of data, which is of prime importance in the eyes of the company in question. And the resultant effect leads to another branch of science, which is Data Analytics.

What is A/B Testing?

A/B Testing is a powerful assessment tool to determine which version of an app or a webpage helps an individual or his business meet future goals effectively and positively. The decision is not abrupt; it is taken after carefully comparing various versions to reveal out the best of the lot.

Also read: Big Data Analytics and its Impact on Manufacturing Sector

A/B Testing forms an integral part in web development and big data industry. It ensures that the alterations happening on a webpage or any page component are data-driven and not opinion-based.

What do you mean by Association Rule Learning

This comprises of a set of techniques to find out interesting relationships, i.e. ‘association rules’ amidst variables in massive databases. The methods include an assortment of algorithms to initiate and test possible rules.

Also read: What Sets Apart Data Science from Big Data and Data Analytics

The following flowchart, a market basket analysis is being focused. Here, a retailer ascertains which products are high in demand and eventually use this data for successful marketing.

How to understand Classification Tree Analysis?

Statistical Classification is implemented to:

  • Classify organisms into groups
  • Automatically allocate documents to categories
  • Create profiles of students who enrol for online courses

It is a method of recognizing categories, in which the new observation falls into. It needs a training set of appropriately identified observations, aka historical data.

Why should you take a sneak peek into the world of Data Fusion and Data Integration?

Well, this is a complex multi-level process involving correlation, association, combination of information and data from one and many sources, to attain a superior position, determine estimates and finish timely assessments of projects. By combining data from multiple sensors, data integration and fusion helps in improving overall accuracy and direct more specific inferences, which would have otherwise been impossible from a single sensor alone. 

Also read: How To Stop Big Data Projects From Failing?

Let’s talk about Data Mining

Identify patterns and strike relationships, with Data Mining. It is nothing but the collective data extraction techniques to be performed on a large chunk of data. Some of the common data mining parameters are Association, Classification, Clustering, Sequence Analysis and Forecasting.

Generally, applications involve mining customer data to deduce segments and understand market basket analyses. It helps understanding the purchase behaviour of customers.

Neural Networks – Resembling biological neural networks

Non-linear predictive models are mostly used for pattern recognition and optimization. Some of the applications ask for supervised learning, whereas some invites unsupervised learning.

To know more about Big Data certification, why don’t you check our extensive Machine Learning Certification courses in Gurgaon! We, at DexLab Analytics have all sorts of courses suiting your professional work skill.

 

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Our Perception Must Include Data-Ception

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Our Perception Must Include Data-Ception

Considering the complex competitive global environment, the world business today is witnessing a paradigm shift from mere data storage to data mining and other subsequent activities.

Thus, from a managerial perspective it is of prime importance to develop a psyche, which can interpret the collection of data. This psyche cannot be theoretically learnt from books, as it requires a knack to make data talk. Data is no more evaluated independently. Today, a cross-domain relationship between data exists, which on analysis depicts patterns, responsible enough to do wonders for the organization.

The question is how can we connect the dots? Following the recent trends, developers are grabbing every opportunity to break a huge chunk of data into meaningful relevant information. From the standpoint of technical professionals, along with an analytical mindset, they need to get hands on experience on the technological perspective to understand the real significance of data evaluation.

 Read Also : DexLab Analytics – Training the Future to be Big Data Analytics Fluent

The data not only aligns with the internal activity of the business but also is an integral part for consumer servicing. There is an intense need to study the needs of consumer and every decision he makes, which broadens the outlook of a business on how he/she is using their product. What are the expectations of the customer from an existing product? What more my customer needs? The answers to these questions cannot always be mapped quantitatively but a qualitative approach towards data is one of the key aspects of data analytics.

In this digital era, slightest technological ripples are going to reshuffle the whole industry scenario. And, that is why the omnipresence of data will aid businesses in setting new benchmarks in consumer and market findings. Growing pace of social media would open a Pandora’s Box for companies, who have their right audience in this particular domain.

The emergence of IOT, which primarily thrives on data, will cause disruption in the current business orientation. The data producing sensor architecture directly connected to the company can help the business to be fast and robust, which is the need of an hour. In addition, this analytics might influence mid-size distribution largely.

Simple example of this model: Sensors attached to tyres could sense data, and alert a tyre manufacturer about the usage of a consumer, which will help in servicing their customer at the right moment.

Thus, on an individualistic note there is need to develop a data analytical mindset and include data-ception in perception.

This blog has been contributed by Team Frontrunners, comprising members Ria Shah, Dishank Palan, Sanjay Sonwani from Welingkar College.

 

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Tigers will be safe in the hands of Big Data Analytics

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Once again, good news is in the air for our very own ‘Big Cats’. The very recent reports on Tiger Census have proudly announced the incredible rise in the number from 1,706 to 2, 226 since 2010, when the counting started.

 
Tigers-will-be-safe-in-the-hands-of-Big-Data-Analytics
 

The previous years have seen the major downfall in the number owing to reasons like poaching, environmental degradation, dwindling habitats and of course man- nature conflict . But in contrast, the combined efforts put forwarded by local communities, conservationists and the Government has resulted in the upliftment, as stated by Marco Lambertini, Director General of WWF International.

Continue reading “Tigers will be safe in the hands of Big Data Analytics”

Tax department leans on Big Data analytics to mark out multiple PAN holders

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To plug tax loopholes, the income tax (IT) department will use Big Data analytics to track tax evaders by collecting financial information about them, such as – common address, mobile number and e-mail to establish relationships between their multiple PANs. The department with support from various private firms will analyse the voluminous big data available post-demonetisation for checking transactional relationships between PAN holders.

 Tax department leans on Big Data analytics to mark out multiple PAN holders

  • The Managed Service Provider (MSP), which the IT department plans to hire, will design and operate analytical solutions that will in turn help in collating data, matching it and identifying relationships as well as clustering of the PAN and non-PAN data, an official said.
  • The analytical solutions would help the department gather data from banks, post offices and other sources for linking of information and identification of duplicate details. It will also identify records with errors or other defects for resubmission.

Continue reading “Tax department leans on Big Data analytics to mark out multiple PAN holders”

Improve Your Business Intelligence Strategy In Just Six Steps!

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When Moore’s Law meets with modern day Business Intelligence, what happens? Disruption and then wider adoption!

Improve Your Business Intelligence Strategy In Just Six Steps!

With costs of implementing BI tools lowering, more and more enterprises are keen on jumping on-board the homebrewed variety of custom BI solution to help drive their business. The result of these efforts is that these days several organizations are pursuing data driven intelligent decision-making, at a cost, which is almost fractional compared to yesteryear’s Business Intelligence budgets.

A proper Big Data certification allows individuals to make the best of available smart BI solutions available out there!

But the question remains, as to are all these companies actually making better decisions?

Surely, most enterprises are now reaping the benefits of having a larger range of BI solutions available to them. Nevertheless, there is still a bigger room for error in the picture, which many firms tend to ignore.

If done right, BI solutions can deliver an ROI of USD 10.66 for the cost of every dollar spent on implementing them. But, as per a survey conducted by Gartner, the results are not so glorious for most firms. More than 70 percent of all BI implementations do not stand up to meet the business goals that were anticipated of them.

Due to the evolution and lowering BI solution prices, the demand for data analytics certification courses have grown by several manifolds.

Is there a secret formula to BI solution driven success? Well, starting with asking the right questions is always a good place to begin:

Here are six steps that can tip the balance in your favour:

Private-Blog-Network-Footprints

 Which data sources to use?

Do you know what the lifeblood is for BI? Why, data of course, data is what Business Intelligence strives upon. All firms do have a rudimentary strategy to collect and analyze data, however, they tend to overlook the data sources. The key here to note is – truly reliable data sources are the main difference between the success and failure of your Business Intelligence efforts.

These data sources do exist; all you have to do is choose right. In addition, the best thing about them is a lot of them are almost free of charge. Using the good ones will transform the way you look at your market, the business pipeline and the way you perceive your audience.

Are you warehousing your precious data right?

These are your firm’s single source data repositories. Warehouses store all the data you collect from various sources, and provide the same for when needed, on prompt for reporting and analysis. However, self-service BI tools can be a bit of hit-or-miss at times, where consistently handling data is a worry.

The key is to discover a data warehouse solution, which can efficiently store, curate and retrieve data for analysis on prompt.

Are your analytics solutions good enough?

Companies that are looking to use their own Business Intelligence infrastructures must identify the analytics architecture that best suits their necessities. However, unwieldy datasets in combination with a lack of processing maturity can dull the effort even before one decides to start!

How does your BI solution integrate with the existing platforms?

For incorporating enterprise-scale Business Intelligence solutions, it is necessary to have it work effortlessly with the different other information formats, processes and systems, which have already been established previously in the internal work pipeline.

So, the key here is to ask the question – will the necessary integration cost more in terms of resources and effort that you can afford?

Use reporting mechanisms that are both powerful as well as easy to understand:

The most persistent challenge in BI is to wrangle data, majority of users cannot understand any of it beyond a simplified visualization. Decision-makers may be fooled with the help of powerful visualization tools. However, the truth is that making it pretty alone will not get the job done right.

So, forget pretty, and ask the all important question of whether the reporting mechanism is useful in interpreting otherwise unintelligible data or not.

Has better compliance enabled through your Bi solutions?

If your BI solutions, directly impinges on relevant regulations (and so it will, when the time comes). Then the solutions should aid the compliance and not hinder it. A good BI solution should provide a means to trace and audit data and its sources wherever, needed.

In conclusion: the success of your efforts will ultimately depend on the data.

The field of data science is evolving in expertise. And even professionals involved in the field tend to vary in their capabilities and opinions about the same. So, the important thing is to consider the importance of data in your company, and that one has all the appropriate responses to the posed questions above.

You can learn to ask the right questions with comprehensive tableau BI training courses. For more information on tableau course details feel free to contact the experts at DexLab Analytics.

 

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