Banks and Finance are the soul of any economy; without them, there is no existence of an economy. We all know this right, but do you know that these banking practices become slow and outdated with other BFSI sectors according to today’s world, which can effect largely on the economy of the country and worldwide growth.

Evolving such a heavy and dependent sector is not an easy task, especially when the risk is on the economy directly. BFSI is like an old person who was hesitant for years before adopting net banking because they are too rigid with their practices, but eventually understands the importance of new technology and its advantages. The same goes for the BFSI sector, which was using the same practice for so many years that something different feels like a betrayal.

It needs to change, but how? You must be thinking.

Well, this is the high time when BFSI adapts web scraping to get the data which normally they collect manually, which takes a lot of time and involves human error to some extent. In this article, we will discuss why the BFSI sector should adopt web scraping and how Prodfinity can help with it.

Introduction to BFSI

If you are in this article, most probably you must be aware of what BFSI is, but if you have any doubts, or you are here to just learn stuff, let’s start with the introduction of BFSI before we dive deeper.

BFSI, also known as Banking, Financial Services, and Insurance. BFSI is used to reflect the inter-relation between these sectors, and an impact on one can affect another sector, which includes financial institutions. It encompasses entities like banks, financial service providers, etc.

Data-Dependent BFSI

The BFSI sector is highly data-driven, and everything in this sector is either decided because of data or actions are based on data. For example, if your request for the loan will pass on the basis of your credit scores, the type of insurance you can take depends on your health report and many other factors.

Here are some most needed things that rely on data in the BFSI sector.

Credit scoring: Credit score is a number that summarises the credit history of the person and their ability to manage debts. This number is mainly used to understand the credibility of an individual. This score is mainly used by the creditors and other financial organisations like banks.

Risk modeling: It is a process of estimating risk in performing a certain task. The assessment of potential risk is done by different methodologies and a lot of data, like the history of the land on which is kept as a mortgage by someone who wants to lend a loan. There are many use cases of risk modelling in the BFSI sector.

Fraud detection: Frauders are everywhere, the number of frauds happen in financial sectors surpasses all the other numbers of any field, so fraud detection needs to be fast and accurate so that people’s hard-earned money doesn’t end up in the palms of fake and lazy people.

Algorithmic trading: Stock trading have been there from very long, but in this era everybody is trying their luck in trade as who don’t like some extra buck which for which someone else has worked. But for that there is need of a lot of analysis and data to understand the algorithm of trading.

These data is hard in collecting and then there are some of the data which is structured and not really easily accessible formats, like important data hidden within HTML, PDF’s and API. These data is not really easy to access manually but platforms like Prodfinity can bridge the gap between it really effortlessly.

Problems Faced by the BFSI Sector, Solution With Prodfinity

Like every other sector there are few problems BFSI sector, no matter how essential it is for economy there are still some gaps which we didn’t filled till and every BFSI enterprise faces it. Let’s understand what are these problems and how it can affect a common citizen of that company too.

Lack of Market Visibility

In the financial field it is more difficult to track what your competitors are offering more than you, or why customers are preferring them, if you are not doing research of hours and hours everyday which could turn out an wholesome work of itself. Keeping tracks of competitors interest rates, terms for loan and other thinks are updated frequently but checking it all will require lot of time which is nearly impossible to do manually.

Solution:

With Prodfinity’s price intelligence-based Dynamic Pricing tool can help you to change or alter your schemes and prices when the dynamic of market changes or when other competitor’s offers the service below than your prices.

The Dynamic Pricing tool also collects your competitors’ history, so that you can understand the pricing strategy of your competitors.

Customer Sentiment Blind Spots

There are feedback forms and customers review websites, but do customers provide the genuine feedback? It is very important to understand how a customer looks at your organization and your competitors but its easy said than done, with all the blind spots in collections of feedback. But internet is like an ocean which have answer of every question but those answers are scattered around the web, which will be very time-consuming to collect.

Solution :

With Prodifinity, you can collect all the data or feedbacks about your organization as well as your competitors which customers post on many forum or online review platforms like Quora, Reddit etc. These genuine reviews and feedback can be very insightful for improving services of your organizations and will be really helpful in making future updates.

Check out Prodfinity’s Competitive Pricing tool for more price driven data.

Manual Data Collection

One of the oldest practice which has been used is data collect. From ancient time people always collects data to understand the market and strategize next move of business. But 21st century is doesn’t comes in ancient times, so practices of ancient times should be traded for AI based data collection processes.

Solution :

Prodifinity served thousands of client who with data collection, with assurance of on-time data delivery with 99.9% accuracy of data, so next time you can relay on the data without any doubts.

Regulatory Tracking

For a BFSI sector’s organization, it is very important for them to be up-to-date about the legal tax changes and policy updates from government and financial authorized websites for better reliability of information. But checking all the websites and validating the information from unathorized places can proved to be hectic when it has to be done daily, even after understanding the importance of being up-to-date about these policies, many organizations struggles to maintain balance between working and learning.

Solution :

With Prodfinity’s Data collection service, knowing about the new policies and changes can be a piece of cake, you will never wander around the multiple platforms in the internet when you can access all the information in one place, just in few taps.

Conclusion

Being aware of the latest changes in policies either from government side or competitors side it no more a choice but a necessity for BFSI sector, as now in the peak time for all the financial depend sectors to adopt the digitalization and serve their customers faster than ever before. While it is important for individual businesses or organization, it does have a great positive impact on the economy of that country.

Be the first one to adopt technology in your sector, try the best Competitor Price Tracking Tool