Data science holds the key to driving organisational success

H. P. Ranina

Question: I have been working in the Gulf in engineering. I want to specialise in data science as I have been told that acquiring the skill will improve my employment prospects. I am not too sure whether this will work?

Answer: In today’s data driven world, businesses harness the power of data science to drive innovation and gain a competitive edge.  Data science encompasses a multidisciplinary approach blending computer science, mathematics, engineering and domain expertise to decipher trends and co-relations that are hidden within the data. Emerging trends in data science pertain to deep learning and reinforcement learning. The rise of edge computing and IoT presents new opportunities for leveraging data science techniques to create value. In short, data science holds the key to derive value and drive organisational success. By leveraging data science techniques such as predictive analytics, companies are able to anticipate customer needs, identify market trends and develop personalised products and services. Data driven decision-making enables organisations to minimise risks and optimise operations. Therefore, it is a good idea for you to specialise in the field of data science as it will equip you with skills and knowledge for which there is a growing demand.

Question: Is a customer protected when a bank employee commits a fraud?  Would the bank be liable to compensate the customer for the loss suffered by him?

Answer: A bank is liable for the acts of its employees who have acted fraudulently causing loss to a customer.  The Supreme Court of India has held that when frauds are committed by employees during the course of employment, the bank would be liable to compensate the customers for the loss incurred.  The Reserve Bank of India has also taken the view that banks would be liable but they would have to report the fraud to the concerned authorities, like the Central Bureau of Investigation, as soon as the customer files a complaint with the bank of the fraud being committed by its employee.  Many banks pay damages to the customers immediately, while some wait for the police inquiry to be completed before compensating the customer.  Generally, banks have an insurance policy to cover employee frauds.  However, if the fraud has been perpetrated as a result of the customer’s own action, like sharing the OTP or giving other details to the employee, the bank may not be held responsible. Further, in respect of voluntary online transfer of funds by customers to fake accounts, the banks cannot be held responsible. Most banks have put in place policies for monitoring bank employees through electronic data surveillance. Additional measures are taken by banks, such as segregation of duties, job rotation, mandatory leave policies, and regular internal audits. As part of such a policy, banks make it mandatory for employees to go on compulsory leave. During this period, employees cannot access their systems and are not allowed to visit their branch or office. Their work is assigned to other officers who may help the bank to identify frauds or irregularities.

Question: The Indian Government had promised to bring back to India funds which had been stashed abroad illegally.  Has there been any success on this front?