By Rama Naik
In today's highly competitive technology driven business world, where businesses and technologies change at a rapid pace, there is a need for a strong customer retention program, competitive marketing strategy and enhanced products, with tactic promotion plans. To build the strategy and enable quick decision making, one has to perform continuous analysis, measure, monitor and manage the data. Business intelligence reports play a major role as they are more advanced with the competitors and help with quick decision making.
Why BI in Banking?
As the banks expand their business geographically and grow bigger in size, they capably formed multiple branches across international markets and connected through networks. The data stored by banks in different silos and the volume of data generated became very large. Manual operation in this scenario will be extremely time consuming and has many drawbacks. Also, generic reports may not give complete insights about the business. The lack of a coherent and integrated analytical framework drove the industry on analyzing the data and build a robust intelligent system for rapid decision making.
Therefore, the need is to have the right business intelligence tool to carry out effective business problem analysis and build successful strategies which can speed up decision making to improve and expand the business. To achieve this, one needs to analyze the historical data, understand customer needs and strategize the future requirement.
What can be done through BI?
Banks can use Business Intelligence tools to analyze the historical data for strategizing and planning future growth. BI also helps in understanding the customer in a better way with their transaction patterns, their interests and satisfaction level. Historical data analysis will assist in improved budgeting, marketing, sales promotion, product insights, designing new products, customer retention programs design, customer relationship management (CRM), risk management, and meet regulatory compliance.
Customers, customer details and their transactions-related data are the key asset information to all banks. Banks have shifted their focus into Customer Relationship Management (CRM) to assess the KPIs.
One way to build good relationship with the customer is to provide accurate and precise data on time. This in turn helps in building credibility, trust and also increases business growth.
Customer analytics will provide panoramic view of customer data with more insights to:
The need of the market is to have global Data Model framework to supports data from all markets, channels, including digital, mobile and social media.
Now, it is time to ensure that maximum benefits are derived by analyzing the data through the right BI tool and appropriate reports to design new strategies, quick and precise decision making.
Why BI in Banking?
As the banks expand their business geographically and grow bigger in size, they capably formed multiple branches across international markets and connected through networks. The data stored by banks in different silos and the volume of data generated became very large. Manual operation in this scenario will be extremely time consuming and has many drawbacks. Also, generic reports may not give complete insights about the business. The lack of a coherent and integrated analytical framework drove the industry on analyzing the data and build a robust intelligent system for rapid decision making.
Therefore, the need is to have the right business intelligence tool to carry out effective business problem analysis and build successful strategies which can speed up decision making to improve and expand the business. To achieve this, one needs to analyze the historical data, understand customer needs and strategize the future requirement.
What can be done through BI?
Banks can use Business Intelligence tools to analyze the historical data for strategizing and planning future growth. BI also helps in understanding the customer in a better way with their transaction patterns, their interests and satisfaction level. Historical data analysis will assist in improved budgeting, marketing, sales promotion, product insights, designing new products, customer retention programs design, customer relationship management (CRM), risk management, and meet regulatory compliance.
Customers, customer details and their transactions-related data are the key asset information to all banks. Banks have shifted their focus into Customer Relationship Management (CRM) to assess the KPIs.
One way to build good relationship with the customer is to provide accurate and precise data on time. This in turn helps in building credibility, trust and also increases business growth.
Customer analytics will provide panoramic view of customer data with more insights to:
- Understand the landscape of the market in terms of customer group, demography, transaction pattern, choice of products and their opinions.
- Identify customer relationships and promote additional products to existing customers
- Know the trends, design new products, offerings.
- Predict customer behavior and plan for customer retention and loyalty programs.
- Use customer sentiment analysis to understand the feedback and opinions on products or offerings.
- Better understanding of customers' needs, transaction patterns and satisfaction levels
- Improve the credibility and trust with customer
- Reduce operational cost
- Achieve regulatory compliance
- Align and improve the sales and marketing programs
- Increase the sales with tactic promotion plans
- Help with quantitative data for quick and optimal decision making
- Strategies as a part of the future plan
The need of the market is to have global Data Model framework to supports data from all markets, channels, including digital, mobile and social media.
Now, it is time to ensure that maximum benefits are derived by analyzing the data through the right BI tool and appropriate reports to design new strategies, quick and precise decision making.
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