FINSERV
Natalie Cramp , CEO of the data science company Profusion , says the role of Business Intelligence is essential to operations and its importance is difficult to overstate . She explains , ” Nearly every facet of how a business operates is influenced by data . Being able to collect , analyse and present this information in near real time in a way that is accessible and meaningful to every level of the business is absolutely crucial .
“ Financial services is becoming an increasingly competitive field with fintechs providing more and more innovative and specialised offerings . This is increasing consumer expectations – people demand personalised and seamless products and services .”
Cramp points out that for financial institutions to remain competitive , they need to know what their customers want , where they can make efficiencies in their businesses and how they can optimise functions such as marketing . They can also use business intelligence tools to enhance the customer experience by displaying these insights directly to the consumer , for example , by showing them insights on how they are spending their money .
“ This can serve to strengthen the connection with the brand by helping to meet their increased expectations . Achieving all of this requires advanced business intelligence infrastructure . Without the insights gleaned from BI , a company is essentially blind to what it is doing , what it should be doing and what it can develop in the future .”
However , although basic business intelligence principles can be operated without the use of data analytics , its scope is limited , and Cramp says they vary often , this is just the first step businesses take before they embark on much more data heavy processes .
“ It helps to get data into a presentable and easy to digest form . The second fundamental step should be widespread data education – to ensure everyone knows how to take the next best action with this data , and doesn ' t leap to conclusions based on a lack of understanding of the insights .
“ Ideally , every member of an organisation from the CEO to the most junior intern should have a basic understanding of data .” Cramp believes the crucial third step should be adding data analytics capability . This , she says , moves a business from immediate insights into the ability to predict or anticipate what will happen next .
Finserve and data analytic trends But the use of data analytics and business intelligence isn ’ t just about efficiency . It ’ s a matter of security too . With cyber attacks on technology companies having increased by more than 150 % since the endemic began , analysing data to fight financial crime has become essential .
Ultimately , a more secure system can better attract more customers , provided the increased options for recognising and acting upon key performance metrics .
72 November 2021