BANKING
BUSINESS INTELLIGENCE SHOULD BE CENTRAL TO BANKING STRATEGY
Business Intelligence ( BI ) is a field that encompasses several elements critical to generating insights . We spoke to experts about best BI practices
WRITTEN BY : JOANNA ENGLAND
Back in 2008 , there was a generational shift to support greater agility in companies . Business Intelligence ( BI ) changed from a reporting-centric to analysiscentric stance . Although companies held onto their first generation tools , they also invested in second-generation solutions .
The pandemic has once again disrupted expectations , which have already triggered another generational shift and once again , companies have switched modes from passive to active in terms of BI strategy .
The gathering of data and its analysis in our ‘ new normal ’ is critical , because much of the information available in pre-pandemic times has altered . Effective BI practices streamline regulatory compliance , while performance analytics can help companies better understand where time and resources should be allocated .
Panintelligence . He says , “ From a customer ’ s perspective , they haven ’ t been able to go into a branch and ask questions to advisors , but of course , are still demanding the same level of service and insight from their bank that they enjoyed pre-lockdown . It ’ s been a challenge for banks , as the sector has not had years to prepare for this , and had to pivot quickly when the pandemic broke out . But BI has played a crucial role in processing and communicating data for banks quickly , to continue providing a high level of customer service , and make that pivot easier to carry out .”
The importance of analytics Banks particularly , have access to vast amounts of data that when used strategically , can significantly improve services for customers as well as mitigating
70 May 2021