The base of banks, like any other company, is"data". This data comprises customer information, operational data, compliance information and much more. Then, why is it that even now once the banking industry is growing like never before, there's still lack of intuitive and smart tools such as Business Analytics and Intelligence to nurture this information.
Business Intelligence is the scope of using the power of reporting and analytics to use the banking data to determine new markets/prospects, manage risks and make decisions based on actionable insights.
According to Forrester, BI is recorded as a top technology priority for CIOs for five successive years across all of the industries.
As a consequence of the numerous changes happening in the last year concerning banking regulations, lower rates of interest and NPA levels reaching an all-time large, bank's profit margins are seriously affected. Banks have to work out new ways of doing business and make profits by strengthening their client relations.
It's been noted that the banks that have spent in BI technologies are gaining a competitive advantage on their competitors. On exploiting the innovative capabilities of analytics and BI banks can:
• Gain chance to cross-sell services and products to all customers
Though business Intelligence in banking is relatively a new idea, however, it's been embraced with open hands. And, it's just increasing in its capacities. With each passing day, steps are being taken to make BI tools more robust, accessible, economical and attainable.
The banking CIOs are excited about investing in BI in future. Have a look at the Indian banks that have been advocating the benefits of Advanced Analytics and Business Intelligence.
Putting our Banks for Future with BI
The trick to effectively serve banks' clients is by correctly utilising the information for offering them greatest value whatsoever times. Banks need to differentiate their products and encourage clients to select them by highlighting how they are 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 company growth by efficiently applying organisational data and so gain valuable, actionable insights.