The base of banks, like any other business, is”data”. This data comprises customer data, operational data, compliance data and more. Then, why is it that even now once the banking sector is growing like never before, there’s still lack of intuitive and smart tools such as Business Analytics and Intelligence to nurture this data.
Business Intelligence is the scope of using the power of analytics and reporting to utilise the banking data to identify new markets/prospects, manage risks and make decisions based on actionable insights.
According to Forrester, BI is listed as a top technology priority for CIOs for five consecutive years across all the industries.
As a result of the numerous changes happening in the past year concerning banking regulations, lower rates of interest and NPA levels reaching an all-time large, bank’s profit margins are severely impacted. Banks have to figure out new ways of doing business and make profits by strengthening their customer relations.
It has been noted that the banks who have spent in BI technology are gaining a competitive advantage on their competitors. On exploiting the innovative capabilities of analytics and BI banks can:
• Gain opportunity to cross-sell products and services to all customers
• Improve decision making capability based on fact-based information, at the right time.
Though business Intelligence in banking is relatively a new concept, however, it has been embraced with open hands. And, it is only increasing in its capacities. With each passing day, steps are being taken to make BI tools more robust, accessible, economic and attainable.
The banking CIOs are excited about investing in BI in future. Check out the Indian banks who have been advocating the benefits of Advanced Analytics and Business Intelligence.
Setting our Banks for Future with BI
The trick to effectively serve banks’ customers is by correctly utilising the data for offering them greatest value whatsoever times. Banks need to differentiate their products and encourage clients to select them by highlighting how they’re better. Plugging-in a Customer Relationship Management (CRM) applications can prove to be a fantastic idea alongside a nicely implemented BI solution.
For this, there must be sufficient coordination between the business and technology deployed. Banks and other financial institutions can surely unlock new horizons of business growth by efficiently applying organisational data and so gain valuable, actionable insights.