BANKING
risk . Data also enables organisations to invest resources more efficiently so that innovation and creativity can maintain dynamism and progress within the institution .
The collection and use of data is not a new trend , but over the past decade particularly , strides in technology and the development of machine learning ( ML ) and artificial intelligence ( AI ) have made the process easier and more efficient .
Al Karim Somji , founder and CEO of the Canada-based Zafin , a banking software enterprise platform , explains ,” Analytics has always been at the heart of banking , and its role is even more important today . With open banking , the instrumentation of banking operations and the digitalisation of customer touchpoints , banks are awash with data . The first step to making sense of that data is business intelligence that provides contextually relevant insights to bankers at every level .”
He continues , “ Business intelligence used to be only about the descriptive reporting of business metrics . Not anymore . Visibility of the security posture and the infrastructure services that underpin business capabilities such as fund transfers and bill payments is now of central importance to the business . While infrastructure and technical services are often well instrumented , the challenge
SIX essential reasons to invest in BI
1 . Enables better understanding and service for customers
2 . Provides services that help customers better manage their finances
3 . Offers tailored services or opportunities to customers
4 . Predicts when customers are about to default or churn 5 . Assesses and manages risk 6 . Predicts fraudulent activity faster