The usefulness of Business Intelligence (BI) systems in banking is becoming noticeable over the years, with many banks adopting analytics applications as part of their enterprise applications. It has helped FIs to have a full understanding of their business, sales forecast, and realize further growth. It can enable your bank to be more efficient by identifying areas to cut down costs, new business prospects and more.
5 key ways business intelligence software can benefit banking include:
- Customer Analytics: BI and analytics applications can help banks and credit unions to identify strategies that can specifically meet the needs of customers by offering best services at the right time, thereby retaining customers, since a satisfied customer is a loyal customer.
- Performance measurement and forecasting: With BI applications, banks can measure performance of various segments of the business (including employee performance), in order to have an informed decision and arrive at a probable way forward. For instance, customer activity data can be analyzed to identify new products that are customized to meet their demands.
- Real-time process monitoring: Business intelligence software can also be used to monitor the progress of specific processes that are under consideration towards the achievement of set targets.
- Managing Risks: BI reporting tools can help you get insight from your customer’s activities, such as transaction history and other key areas, so as to mitigate any form of risks, such as losing or recovering a loan or investment made. It can help you arrive at strategies for managing loans or investment recovery.
- Meeting Regulatory compliance: To meet regulatory compliance of the central bank of various countries, some compliance reports might need to be forwarded to the apex bank at specific intervals. A well-customized BI application can help your bank to perform key functions of collecting, organizing and analyzing data for generating reports and enable your bank to comply with regulatory guidelines.
Business Intelligence solutions can help your financial institution to gather and produce necessary information that will enable appropriate important decisions to be made for your business growth and expansion.
At DIDHUB, we help businesses across various industry sectors to develop and customize business intelligence applications according to their requirements. We can help you realize your business intelligence initiative. Get in touch with us today!