NAB invests in CIRI data science capability

NAB is investing in a new unit in its business and private banking division called customer and industry research insights (CIRI), embarking on a hiring spree to build the capability.

The bank is currently advertising 10 data and analytics roles for CIRI, including a leader as well as a number of data engineering roles.

CIRI, according to NAB, will be a "world class data science practice" leaning on both supervised and unsupervised machine learning to generate insights.

It will use both internal NAB data as well as data sourced from third parties "to supplement ... gaps".

CIRI's role appears two-fold: to generate insights for the division's leadership, and others that can be shared "via optimal channels direct to customers, to customers via bankers and to bankers and leaders, and through traditional media and social media."

“NAB - and specifically the business and private division - is further investing in its advanced analytics journey by continuing to evolve its internal capabilities to derive and present our customers with the most relevant and timely information pertaining to their relationship or portfolio with us," a NAB spokesperson told iTnews.

Data and analytics capabilities are attracting strong investment across the banking sector as financial institutions place greater value on the role of data-driven insights to gain value from the masses of information held within their systems. 

NAB is not first to do this; CBA's business and private banking division, for example, offers data tools and insights under its Daily IQ brand, which has been running for a number of years.

NAB's spokesperson said the bank had previously stated that it wanted "data experts throughout our organisation."

The spokesperson said the CIRI hires "will strengthen our team with further specialised skills."

“One of our priorities is to use data & analytics to provide great service to our customers. We also see value in these capabilities related to improving our fraud and risk management activities," the spokesperson added.