Business Intelligence for Banking

In all businesses there is a level of stress that is not ideal but an industry that must take the cake for high amounts is the financial sector, in particular banking. Being in charge of other people’s money leaves you little room for mistakes. The accountability afforded to those in charge is of the upmost; often being the topic of debate in political and social circles.

In place now are more enforced rules and codes of conduct set by the government in relation to the way in which banks should be run. For these reasons it is vital that all records, data and analysis are one hundred percent accurate. All operations are expected to be monitored continuously, with management and shareholders made answerable for any issues that arise.

This is where Business Intelligence solutions come in. The tools and services gained from BI implementation can be priceless for the sustainability and growth of any company, and not just financial growth. Management want their business to run as smoothly as possible with decreased waste and increased performance rates.

BI enables companies to become more organised throughout data collection; leading to reduced expenditure and increased profits. In relation to banking there are specific applications and methods associated with BI that can help improve productivity, such as:

• Data Mining and design
• Reporting
• Scenario Planning
• Forecasted Results
• Mobile BI
• Data to information

The advantages to installing any business intelligence tools within a banking organisation are numerous.

• Delegation: Business Intelligence provides accurate information allowing for more accurate and informed decision making. Management can therefore delegate tasks effectively. Additionally, reporting is made simple, where reports are presentation ready with the help of BI solutions, cutting workloads in half.
• Budgeting: A vital aspect to any financial institute is how it budgets its accounts. With financial analytical BI tools, all aspects of accounting become more stabilised through automated data entry and precise analysis. Management can then make the necessary changes required within the business.
• Pre-Planning: Accurately gathered data allows for future results to be obtained. As noted above in relation to financial planning, the analysis of the current market enables organisation to tailor current production techniques and systems in order to optimise the amount of income gained from client marketing.
• Competitive Edge: Banking can be a competitive market so it is important that businesses in the industry gain any advantage that they can. BI solutions allow an organisation to gain valuable, accurate insight into their customers, competitors and the external environment, allowing for the generation of new ideas and implementation of strategic plans to increase revenue.
• Communications: With mobile BI, management and staff can access their network from wherever through the cloud, providing real-time visibility into data using a secure network. This reduces time costs, boosts productivity and effectiveness of workers in the fiels and allows staff to monitor KPIs on the road. With the access of relevant data, field staff can perform rapid change reactions, make accurate decision and overall, increase profits.

If you need more information on our Business Intelligence Solutions; or if would like to arrange a consultation, please feel free to email info@codec.ie or call us on 01 603 4300.