Business Intelligence Solution Changing Banking & Financial Industry
Business Intelligence (BI) is a technology-driven process which used to analyze data and to showcase applicable information to aid in the decision making process. It makes it very easy for the executive, team managers, key staff in different departments and also the end users to make decisions. BI Tools comprises of a range of tools and applications that enhance the collection of data from both the internal and external systems. BI Apps aids in the analysis of the data and produces reports that eventually provide the analytical results.
Business Intelligence Solution changing Banking & Financial Industry in many ways
Improve Cost Effectiveness
A bank cannot continue adding employees in the workforce blindly. It needs to ensure that the available manpower is efficient enough to meet the particular bank’s target. The BI solutions come in and analyze the routine procedures to aid in the reduction of the incurred costs. It can also maximize the available resources and skill. For instance, an analysis of the performance of the personnel in the customer care department, a bank can enhance a way of handling a customer at the point of contact.
Upgrade Product & Services
With the improved data made available by the BI tools, Banks can be able to come up with improved products and services that actually meet the customers’ needs. Data collected will ensure that the Bank can stand the heat that comes with intense competition. Also, the bank gets a chance to revise their prices or simple business policies, and then track the profitability and success/fall of a policy.
Development of Investment Strategies
The BI tools are largely being used to create new strategies of investment. This gives the actual insights into the problems and needs on the ground. For example, there is a use of satellite to understand the supply of commodities globally and the newest means to aid the supply, and thus the company is able to know where it will come in as an institution in that particular trade.
An uncertainty in the financial scope is quite alarming. A major reason the Finance Institutions need to introduce the BI Solution to reduce the cost to the least level. The good news is, the Financial Apps are helping these institutions with enough information to mitigate the risk involved. These Finance Apps/Banking Apps provide all the background information of the customer, hence retrieves the information required to reach them in case it is a credible case. The banking app estimates the risk involved in offering loans by maybe finding out the customer’s earning capacity and the assets they own. In case of fraud, the Business Intelligence enables quick action in the follow-up process.
Some new edge solutions using Business Intelligence.
ClearScore aims at letting the customers have full control of their financial status. Surprisingly, only 20% of the UK based people know of its existence. It partners with Equifax and offers a full credit report for free and requires no credit or bank account details.
This is a bank aimed at the Smartphone generation. It is for people who see absolutely no need to use check-books and branches. One easily accesses the account and serves just as the account one accesses from the bank. It is much quicker.
Any current business firm running these days, must embrace this technology-driven process to make sure they are up to date and are meeting the customer needs. It is also important to stay armed always making it possible to stand the intense competition. The traditional methods may have worked then, but new ideas and discoveries are evolving on a daily basis. To ensure maximum productivity of the business, flexibility to an adaptation of the new trends is a must.