Decision automation systems without IT involvement are moving from the frontiers of innovative thinking to a mainstream necessity. This manifests the current “innovate or stagnate” approach in the financial services industry. This article describes potential
drawbacks and shows what to keep in mind during technological changes.
The most common challenge of self-service business intelligence systems in banks is accessing insights in a matter of seconds. Over one-third of implementation efforts of commercial banks are spent on customizing technology, according to the recent Price
Waterhouse Coopers’ study “Time for an Upgrade: Five Things You Need to Know to Make Your Commercial Lending Transformation
a Success.” Yet, there’s still a lot of struggle with making sense of analytics. 59% of organizations using business intelligence tools say accessing relevant, timely or reliable data is their biggest impediment, according to the
2012 BI and Information Management report by InformationWeek.
Below are recommendations on preventing these hazards:
These are the three most important steps to deploy the most efficient and user friendly self-service business intelligence system. CIOs need to develop a precise understanding of information management to ensure focus on the right areas before they even
start looking for software vendors.
A certain bank uses a realtime analytics app to identify disgruntled customers of its competitors based on their tweets. The bank's digital sales team then proactively targets this group of people with its differentiated offerings. Not surprisingly, such
an analytics-based campaign yields far greater conversion compared to typical "spray-and-pray" campaigns used by most banks. We found this to be a great use of analytics to improve business performance. Besides, since the app is available on the cloud, no
IT involvement is required.
It’s surprising to hear that according to the
2012 BI and Information Management report by InformationWeek 59 per cent of organizations still struggle to make sense of their analytics. Especially with the tightening regulations in the financial services industry, key information needs to be extracted
even quicker than before. However using a self-service commercial open source BI platform will enable the organisations to facilitate this process without any delays. Implementing flexible business intelligence to provide a complete perspective of any systems
and providing management with the ability to not only identify where the immediate benefits are coming from, but also which areas need to be addressed, is key. Raw data on its own is rarely valuable, so flexible and tailored analytics are certainly required
to gain insights.
Tom Cahill, VP Worldwide Channels at Jaspersoft
@Ketharaman: Thank you, much appreciate this example!
@Tom: Esactly! Management needs the ability to not only locate sources of immediate benefits, but also to investigate development opportunities.
© Finextra Research 2016