New Delhi, May 26 -- With digitalization happening across industries today, a huge amount of data is generated every second. It is important that this data gets monitored continuously so that useful information can be extracted from it. This information can then be used to design effective business strategies. With the financial industry opening up to data-backed decisions, data analytics plays an increasingly important role in bringing about this transformation. Data analytics refers to the process of uncovering meaningful patterns from data that can be used to predict customer behaviors, manage risk and undertake business decisions.

The following are some of the areas in finance where data analytics contributes majorly:

Risk analytic...