Business Intelligence and Banking

Business Intelligence and Banking

Business Intelligence solutions are not new to the Banking, Financial Services, and Insurance (BFSI) domain. They help enhance the operations for banking and financial sector by identifying, analyzing, addressing and resolving issues in real-time and more.

Also, while many financial institutions have already started benefiting from the BI, the full potential of this technology is yet to be discovered. Real-time business intelligence makes information processing convenient and for decisions to be made faster with accuracy.

Why Should BFSI Focus on BI?

BFSI industry faces the challenges of rising competition, risk management, and changing customer demands. BI tools will aid BFSI in leveraging customer data for impactful insights. They further help with; analyzing Market and Industry trends, identifying patterns, KPI’s, Data Alerts, Story- Telling, Dashboards and real-time reporting. BI offers a flexible and transparent approach to make better financial operations and decisions.

Business intelligence software tools, such as Microsoft Power BI, provide easy-to-understand visualizations of data to help organizations uncover actionable insights. Greater visibility into your historical and current data enables you to implement predictive analytics. These tools can merge disparate data from across various business applications to create a unified source of information that anyone in your company can use.

BI tools help financial companies to identify and pinpoint the reasons why customers switch to the competition. Further, they can improvise and provide better products & services to meet the needs of old and new consumers. With this, banking institutions can reduce customer attrition and improve customer retention & loyalty.

How Business Intelligence drives profitability in the BFSI industry

Ease of Data Handling

BFSI services are supposed to generate and manage a vast amount of data every year. It includes information about customer behavior, needs, and preferences. BI solutions analyze and turn this data into actionable insights by aligning it with market trends. As a result, organizations can offer better financial services with the ease of data handling.

Enhanced Work

Business intelligence in financial industry helps track the performance of various departments and employees. With this kind of information, organizations get insight into their business operations. Let’s take an example. Banks utilize business intelligence to determine customer needs and how their employees can respond to such demands. As a result, they can offer a better customer experience.

Improved Customer Retention

BI tools help financial companies to identify and pinpoint the reasons why customers switch to the competition. Further, they can improvise and provide better products & services to meet the needs of old and new consumers. With this, banking institutions can reduce customer attrition and improve customer retention & loyalty.

Risk Management

The finance industry is volatile with sudden and uncertain changes. BI applications in banking and financial sector provide fact-based actionable insights. It helps to detect and reduce fraudulent activities to minimize risks. A BI solution can ensure compliance with national and international regulatory standards.

Real-time Reporting

BI in banking sector provides visualization of historical and current data of the company to identify customer behavioral patterns and potential blockages in the system. It offers visual cues to take necessary actions to achieve goals.

 

The right software tools can offer comprehensive business intelligence capabilities that will exceed the expectations of your organization. Kurindeta Limited can help your company decide what is best for its goals. For more information about our services or to consult with an expert, contact Kurindeta.