BANKING
“ Timely and trustworthy data is like oxygen . When oxygen levels are low , our decision-making ability gets impaired . That is to say , business intelligence is absolutely essential in banking today ”
AL KARIM SOMJI FOUNDER AND CEO ,
ZAFIN
“ Since BI is an essential service , its value permeates through the bank . From cashflow insights embedded into retail banking applications which support the financial wellness of customers , to dashboards for business executives who are able to monitor portfolio performance in real-time .”
BI technology The tools of the trade for efficient BI are numerous . Businesses need to assess exactly what they want from their data before investing in the solutions best suited to those needs . It ’ s a big marketplace out there , with a wide spectrum of SaaS options available .
Adam Lieberman , Head of Artificial Intelligence and Machine Learning at Finastra , advises , “ There are an endless number of tools for business intelligence that range from the type of data you are wishing to analyze to the way it ’ s stored to the use cases and insights you are looking to extract .”
He continues , “ As an avid developer , I believe the best solution is the one that your team custom builds . Leveraging scripting languages like Python enables endless use cases , from simple data analysis to visualization to statistical modeling . Furthermore , we can export our data and leverage tools like Streamlit that allow us to create deployable dashboards in minutes . For out-of-the-box and plug-
THREE new trends in BI
Al Karim Somji , founder and CEO of
Zafin , lists three exciting developments coming to BI in the near term :
1 . Embedded analytics : Infusing analytics into everyday tools and workflows , which means being much closer to the action than a standalone management dashboard . Imagine the power of embedding a complete 360 view of a customer relationship directly into the workflow on the desktop of a relationship manager .
2 . Natural language processing : Enabling business users to explore complex business information using natural language , much like they explore the web using Google . Picture a bank executive simply asking “ show me recent digital adoption trends by seniors ”
3 . Simplicity : Simple , intuitive user interactions and contextually relevant data visualisations . For example , a student who is away at college gets a simple alert on his or her phone about overdraft risk due to unusually high spending .
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