Gaining an Edge With Business Intelligence Tools in Banking
The foundation of edges, like any other business, is “data”. This data consists of customer data, operational data, compliance data and more. Then, why is it that already today when the banking sector is growing like never before, there is nevertheless without of smart and intuitive tools like Business Analytics and Intelligence to nurture this data.
Business Intelligence is the scope of using the strength of analytics and reporting to utilise the banking data to clarify 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 consequence of the many changes happening in the past year in terms of banking regulations, lower interest rates and NPA levels reaching an all-time high, bank’s profit margins are severely impacted. edges have to figure out new ways of doing business and make profits by strengthening their customer relations.
It has been noted that the edges who have already invested in BI technology are gaining a competitive edge on their competitors. On exploiting the progressive capabilities of analytics and BI edges can:
• Gain opportunity to cross-sell products and sets to all customers
• clarify customers and products that are more profitable
• Reduce cost of collecting, formatting and polishing banking data
• enhance decision making capability based on fact-based information, at the right time.
This is just the beginning
Though business Intelligence in banking is comparatively a new concept, however, it has been embraced with open hands. And, it is only increasing in its capabilities. With every passing day, measures are being taken to make BI tools more strong, easy to reach, economic and attainable.
The banking CIOs are looking forward to investing in BI in future. check out the Indian edges who have already been availing the benefits of progressive Analytics and Business Intelligence.
Setting our edges for Future with BI
The meaningful to effectively serve edges’ customers is by precisely utilising the data for offering them highest value at all times. edges must differentiate their products and encourage customers to choose them by highlighting how they’re better. Plugging-in a Customer Relationship Management (CRM) software can prove to be a good idea alongside a well implemented BI solution.
For this, there must be enough coordination between the business and technology deployed. edges and other financial institutions can certainly unlock new horizons of business growth by efficiently utilising organisational data and consequently gain valuable, actionable insights.