1 August 2019
Undertaking ISFS613 Analytics in Financial Services comes with its challenge - the OCBC Data RockStar Challenge - a real-life financial data analytics project that requires the application of a multitude of analytical techniques on an actual sample of OCBC Bank’s credit card transactions.
It was clear from the onset that the team of five MITB students comprising of Tristan Lim, Pan Tao, Ong Chin Sin, Chia Jie Jun Jeremy, and Chen Shuaiwei, facilitated by Prof Ma Nang Laik, sought the creation of data-driven business insights that were of practical use to OCBC, such that the insights should identify a market gap sufficiently unique and unaddressed, for OCBC to pursue an industry implementation in Singapore’s banking scape to a competitive advantage.
To achieve this, the team made tedious inroads into the analysis of the dataset. It was evident that deep diving on data wrangling and exploration into specific sectors and client groups would be of little use if the team found that customers who spent on certain sectors spent mostly on what the banking scape already knew, for instance, groceries and fuel, or spent in a randomised fashion on other products and services, or if client groups showed little meaningful relationships worth exploring.
It was after weeks of wrangling, exploration and pivoting, when the team found that clients who spent on, specifically healthcare, consistently spent predominately on healthcare. This was an important finding. From this, the team found many evidential patterns and associative spending.
Healthcare is a macro issue in Singapore. Residents based in Singapore are subjected to high and fast rising healthcare costs. Presently, healthcare value chains in Singapore have limited integration with banking services. Generally, residents that are to face healthcare expenditure, continue to spend in a financially disparate manner across different ranges of payment services, and client loyalty to financial service providers across the healthcare spending customer journey is lacking.
The OCBC Bank judging panel, led by Donald MacDonald, SVP and Head of Group Customer Analytics & Decisioning, made a unanimous decision to award the OCBC Data RockStar Challenge winning title to this team of five. Through the use of analytics, the team successfully identified a potential high growth area in the Healthcare sector for OCBC clients, alongside the potential development of a healthcare ecosystem, which impressed the OCBC judges for being particularly pertinent and unique as a business solution. #HealthIsWealth
SVP, Head of Group Customer Analytics & Decisioning, AI Lab at OCBC Bank | Big Data Insights
"Another rewarding night with the SMU MITB students where we awarded the OCBC Data Rockstar title to the best Capstone project presentation. The improvement in data storytelling skills in recent cohorts has been really gratifying. Great to see new analytics talent coming into the local market with skills that combine technical capability with business storytelling."
Last updated on 30 Aug 2019 .