Get a head start with business intelligence tools in banking
The basis of banks, like any other business, is the “data”. This data constitutes customer data, operational data, compliance data, and more. So why is it that even today, when the banking sector is growing like never before, there is still a lack of smart and intuitive tools like Business Analytics and Intelligence to nurture this data?
Business Intelligence is the scope of using the power of analytics and reporting to use bank data to identify new markets / prospects, manage risk, and make decisions based on practical insights.
According to Forrester, BI ranks as a top technology priority for CIOs for five years in a row across all industries.
As a result of the many changes that have occurred in the last year in terms of banking regulations, lower interest rates and delinquency levels reaching an all-time high, banks’ profit margins are severely affected. Banks have to find new ways of doing business and making a profit by strengthening their relationships with customers.
Banks that have already invested in BI technology have been seen to be gaining a competitive advantage over their competitors. By exploiting advanced BI and analytics capabilities, banks can:
• Get the opportunity to cross-sell products and services to all customers.
• Identify customers and products that are more profitable.
• Reduce the cost of collecting, formatting and polishing bank details
• Improve the ability to make decisions based on fact-based information, at the right time.
This is just the beginning
Although business intelligence in banking is a comparatively new concept, it has nevertheless been embraced with open hands. And, it is only increasing in its capabilities. With each passing day, steps are taken to make BI tools more robust, accessible, affordable, and achievable.
Banking CIOs hope to invest in BI in the future. Take a look at the Indian banks that have already benefited from the benefits of advanced analytics and business intelligence.
Setting our banks for the future with BI
The key to effectively serving bank customers is to accurately use data to deliver the most value to them at all times. Banks should differentiate their products and encourage customers to choose them by highlighting how they are best. Connecting customer relationship management (CRM) software can be a good idea in conjunction with a well-implemented BI solution.
For this, there must be sufficient coordination between the business and the technology deployed. Certainly, banks and other financial institutions can unlock new horizons for business growth through efficient use of organization data and thus gain actionable and valuable information.