The financial landscape has grown increasingly competitive, and many banks feel the pressure of enhancing technology to meet customers’ expectations. Now is the perfect time to reevaluate your strategy and set goals to improve. Business intelligence is reshaping the financial services industry. Incorporating a state-of-the-art business intelligence solution sets your institution apart as a forward-thinking and future-proof bank.
In this article, we’ll discuss the impact of business intelligence (BI) on the financial services industry along with BI trends for 2022.
Transform Customer Experience
In a world of widespread digital access, people can easily compare banks online and open new accounts within minutes. Banks must focus on improving customer experience and retention, and business intelligence can play a vital role in enhancing these facets of your bank.
Banks have massive amounts of data, and BI solutions organize that data in a way that is digestible and actionable for your organization. With siloed and disparate data, banks can’t act in real-time or utilize customer data efficiently. By harnessing high-value insights delivered via business intelligence visualizations, you can clearly see customer behavior, priorities, and how customers interact with your institution.
This benefits both your institution, current and/or potential customers. Your team of bankers will be empowered with access to actionable insights so they can spend more time communicating with customers and understanding their financial needs, and less time creating, digging through and interpreting spreadsheets. BI solutions can also be leveraged to pinpoint engaged customers and high-performing products/services, so your marketing and sales teams can tailor future communications and offerings based on the data at hand.
Inform and Empower Strategic Decisions
With an enhanced business intelligence solution, an organization can break down the common data silos that exist today in many institutions and create a more transparent environment and culture. Different departments can be empowered with up-to-date access to the same information which may have been restricted to a select few teams in the past. Now, everyone can be on the same page and see the high-value insights that inform strategic decision-making, whether this involves overall performance, growth opportunities, or your customers.
Not only is it easier for more people to see the data, but it is also organized and available in a timely manner. With the right business intelligence solution, your organization can save time in reporting and cut costs by streamlining operations and resources. In today’s competitive environment, there’s a definite advantage in being able to act quickly on time-sensitive matters that impact your business.
Safeguard Your Institution
Business intelligence safeguards your institution for risk management and compliance purposes. With a solution like KlariVis, your team can view up-to-date information daily, so they are more likely to stay on top of anything that needs to be addressed. Manual systems leave room for human error, but the use of business intelligence coupled with human oversight can create a more informed environment for your business.
As business intelligence continues to evolve and permeate the industry, there’s no sign of its adoption slowing down. Trends to look out for in 2022 include increased automation, self-service BI tools, and a focus on data governance. We’ll see more banks investing in BI tools as a necessity that makes enterprise-wide access and organizations incorporating data as a driving force in their culture. Implementing business intelligence within your bank provides a competitive advantage as a data-driven institution, and it helps you stay ahead in a rapidly changing financial landscape.
With a tool like KlariVis, you can bring your data to life. To learn what KlariVis can do for your financial institution, visit our solutions page.