Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Business Intelligence and the banks of tomorrow

Francois Ajenstat, director of product management at Tableau Software, explains how Business Intelligence tools could give banks the power to boost customer retention.NewPicture115

According to the results of a recent survey from Which?, the UK’s biggest banks remain among the worst for customer satisfaction and service. Despite the vast amounts of customer data stored by these institutions increasing exponentially, they are failing to use it to their advantage. It’s clear that a change is needed and a new generation of Business Intelligence (BI) tools could be an answer.

Now, more than ever, it’s important that banks of all sizes recognise the value of the customer data at their fingertips. New data sources from online banking, ATMs and ecommerce applications has asked a number of questions for these institutions about how they can get value from them. Historically, turning this information into a format that is easy to see and understand has been the toughest part of the puzzle. After all, existing methods of data analysis are not only slow and cumbersome for employees to use, but are also rarely flexible enough to cope with the demands placed on it.

However, by using today’s software, employees at every level in the bank can free themselves from the restraints of these out-dated processes and gain tangible value from their data. BI tools can also allow staff to be more effective by helping them to analyse and explore their data. They can also help banks can provide a more accurate view into their customers and their banking needs, and can guide new products and services.

It’s important to remember that the benefits BI tools can bring banks aren’t just restricted to improving internal operations. By allowing analysis of data, banks can also enhance their competitive edge by improving their ability to make decisions quickly and effectively. Customers and their needs are constantly changing, and so it’s vital that banks are able to respond to opportunities as quickly as they arise. By making data-driven decisions that are based on analysis of a flow of data as it happens in real-time, customers are likely to be more satisfied, and as a result, could significantly impact on the bottom line of any retail bank.

Similarly, intelligence about ATM deployment and management could help banks to identify areas of the country where customers are increasingly struggling with personal finance management. As a result, they can be far prepared to react quickly and place financial helpers in the appropriate branches to provide customers with the support and guidance that they need.

These business intelligence tools can provide sophisticated, highly visual and graphical online interactive data dashboards to gather real-time customer data on specific issues in a more engaging way. This makes it easier for employees to analyse data and spot important trends or any anomalies. These dashboards enable information to be shared securely with other employees or departments across the bank. This enables anyone with permissions to view and interact with each other’s dashboards to answer their own questions.

The banks of the future may find that shaking off their conservative image and embracing today’s fast, easy business intelligence is the key to staying ahead of the competition. They have an opportunity to offer a more relevant banking experience to customers by anticipating their needs, and there’s no doubt that data could provide the perfect solution!