DQLab UMN x CIMB Niaga: Introducing the Role of Data Analytics in the Finance Industry

Tangerang – The role of data analytics and the team behind it significantly impact the growth of various industrial sectors. In fact, data has become the primary fuel for running a business or government, including the financial industry. The need to manage and analyze data also encourages more practitioners related to Data Science, such as Data Scientists, Data Engineers, Data Analysts, Campaign Analysts and so on. Collaborating with CIMB Niaga, DQLab UMN invites prospective data talents to get to know and understand the role of data analytics and the team that works specifically in the finance industry. This live session was hosted by Arya Ridho, CIMB Niaga Data Analyst, Thursday, 26 January 2023.

CIMB Niaga is one of the financial services in Indonesia with a wide variety of products. In the financial sector, such as the CIMB bank, the role of analytics is very much needed. Some of them are identifying more business opportunities, increasing data-driven decision-making, leveraging digital footprints, and knowing customer segmentation.

Arya explained that the role of analytics could be realized with a team that has responsibilities according to that role. There are 4 professions generally required by the financial industry to successfully carry out the role of analytics: data engineer, data scientist, product/data analyst, and campaign analyst. The four professions have specific roles tailored to the abilities and responsibilities given.

“I play a role as a product/data analyst at CIMB. My roles are to provide business insights, conduct exploratory data analysis, and develop business dashboards. The roles of other professions are different, data scientists are more concerned with finding data patterns, developing predictive models or machine learning, and so on,” Arya said.

As with other industrial sectors, the finance industry also has various projects to work on. According to Arya, six steps must be taken for a project to succeed. The six steps are understanding the business, data understanding, data preparation, modelling/segmentation, evaluation, and deployment. The term often used by data practitioners in carrying out the six steps is CRISP-DM.

By implementing these stages, we can predict what steps can be taken for a business or industry in the future. This prediction is also combined with the use of data tools, statistical models, and machine learning. Arya conveyed that there were 3 predictive model projects carried out by CIMB Niaga, namely consumer banking in the form of product recommendations, corporate banking in the form of a customer business ecosystem, and support function in the form of a sales staff attrition model.

Arya mentioned several data tools that are used and play a role in conducting data analytics, such as Python, Adobe Analytics, Tableau, SQL, and Google Analytics. The challenge that will be encountered in analyzing it is how to translate the data that has been obtained into an insight. To face this challenge, Arya conveyed 8 skills data talents needed.

“First, of course, business knowledge. So, an understanding of the business we are running. For example I am now in the finance industry, then statistics. Third, there is a programming language, you can learn from the most basic or fundamental first. Fourth, definitely problem solving skills, then creativity, high curiosity, collaboration skills with the team, and lastly communication,” said Arya

Arya gives several tips for participants who are interested in working in the data field, especially the financial sector, namely making a CV according to the desired experience and field, researching the company (including its culture), training yourself both in terms of skills and communication, and Pay attention to body language when conducting interviews.

Big data and Data Science are becoming necessary knowledge for a career in the data industry. Easily practice your competencies and hone the skills needed with DQLab. For complete information, you can visit the following link https://dqlab.id/. 

By DQLab

English translation by Levina Chrestella Theodora

Kuliah di Jakarta untuk jurusan program studi Informatika| Sistem Informasi | Teknik Komputer | Teknik Elektro | Teknik Fisika | Akuntansi | Manajemen| Komunikasi Strategis | Jurnalistik | Desain Komunikasi Visual | Film dan Animasi | Arsitektur | D3 Perhotelan , di Universitas Multimedia Nusantara. www.umn.ac.id