Data science is changing the way banks interact with their customers
Data is at the heart of KBC’s strategy. What does that mean exactly? And what should you expect from a career in data science at KBC? Dr Barak Chizi, our Chief Data & Analytics Officer, is happy to answer you.
How would you describe Data & Analytics to someone who’s new to the field?
Everything you do in your daily life has a certain digital footprint. Whether you use your GPS or buy something in a shop, traces of your journey are registered. Data scientists try to understand these movements and predict what’s next. This could be an upcoming crisis, a happy event, your next purchase or your next career move.
The main difference with traditional analysis is that in data science, we don’t use prior knowledge. We don’t use data to see if a hypothesis is right or wrong. We only look at the data itself and use algorithms to find the stories behind figures and behaviours.
Why is data important to organisations?
When you google something, you don’t want to wait a couple of days to get your search results. High-speed services are very important to customers right now. Using data allows us to almost immediately cater to the needs of our customers with a growing number of services.
A good example of this is Kate, our digital personal assistant. Thanks to AI, she is able to immediately answer more and more questions independently. With a constant feed of data and mathematical models, she continuously learns to make decisions by herself. Another of her strengths is that she is multicultural and multilingual.
Should consumers worry about algorithms making decisions that a human wouldn’t make? What if they have a negative effect?
This risk exists. A machine doesn’t have a conscience. It makes decisions based on input, without any emotion. So we need to build the decision-making process in such a way that ethical principles are applied, e.g. to avoid any type of discrimination. At KBC we use state-of-the-art methods to make sure we achieve fair decisions.
Of course, before an AI tool is deployed, we verify whether the decisions being made are good. And we need to obtain authorization from the regulator to start using it. After that, performance and stability are constantly monitored.
The advantage of machines is that they can do what humans can’t. There is a much higher level of accuracy. One example is how insurance claims are handled. Our back-office processes have been AI-driven for some time now. The result for our customers is a fairer decision on whether their claim is accepted or rejected.
What about privacy?
At KBC, we handle data with the utmost respect for the privacy of our customers. The very first patent we were awarded was about gaining insights from data while respecting privacy. Our data will never be sold to third parties and is only accessible to the people who need it for their jobs. No one has unnecessary access to it. And we don’t have any external consultants or freelancers on our team, which I feel is also important.
How do you see the future of banking and the role of data?
To stay relevant, banks will offer more and more services. Not only traditional financial services but also services to support the aspects of daily life where finances play a part.
Most new services we develop and propose to our customers via our mobile app are based on data. Thanks to the vast amount of information we have, we are able to create greater benefits.
Which skills do you value most in your team members?
Different competencies are important. One of our strengths is that we have a very large and diverse team, with people from every continent, with 18 different nationalities. Mostly strong mathematical minds with a degree or a PhD in computer science or data science for example.
Also, business sense and communication skills are very important. The data scientists and business integrators on our team have complementary skills. But we encourage each profile to develop the skills of the other profile.
What’s the process for joining your team?
First, there is an interview with one of our senior data scientists. If that person feels that your knowledge of math and coding is right for the position, we will send a case with fictional data. This tells us how you solve a business case. Then you have an interview with another colleague and with me.
I try to assess how a person thinks. I have a number of questions for that. For example, if the first number is two, the second number is three and the third is ten, what’s the fourth number? People who join our team don’t necessarily give the right answer. The way you explain your thought process is more important than the result you come up with.
We are lucky that for every vacancy, we have a lot of applicants with good competencies. But we are equally mindful of a good fit with the team. There are many different backgrounds and behaviours in our team, some colourful characters, some people who communicate very directly. And feeling comfortable with your colleagues is important.
People with skills in Data & Analytics have many opportunities right now. Why choose KBC?
Our CEO, Johan Thijs, is transforming KBC into a data-driven company. Data is at the heart of our strategy, which means your work as a data scientist is highly valued. And because we have so much data there are endless possibilities.
Right now we have close to 1,000 use cases of AI in production, e.g. to automatically handle insurance claims, detect signs of money laundering or help investors choose the best investments.
Thanks to our patents, academic achievements and publications, we are well known in the data science community and have a good reputation as an employer.
Why did you personally choose KBC?
It was by coincidence. I got a message on LinkedIn and both my wife and myself thought the position could be interesting. After meeting Johan Thijs I decided it was a good opportunity for me. This was eight years ago. For me, a data scientist with twenty years of experience, it was a very enticing prospect to have so much data to work with.
Interested in current job opportunities in Data & Analytics at KBC? Check out our vacancies here.
