Now a days organization are looking out for means of effectively processing the unstructured data so that meaningful insights can be achieved and the results can be leveraged for better and intuitive decision making.
The data which gets generated from various sources inside an organization is of different kinds and in multiple formats, processing of this data and managing it is a key priority for enterprises. For this purpose, organizations are taking resort to analytics
for better data-management capabilities and to closely understand customer needs, identify patterns, automate processes, make most accurate forecasts and suggest new products to the existing customers.
BFSI industry is one of the biggest adopters of business analytics. Economic instability, demanding customer needs and stringent regulatory compliances have created neck to neck competition for banks. Moreover, increased need of customer centric focus is
fuelling the demand for analytics solutions.
Usage of Business Analytics in Transaction Banking
- Designing dashboards to track the main performance metrics using set KPIs.
- Utilizing a data warehouse to report trend and past performance.
- Performing simulations to analyse various scenarios.
- Using statistical methods to predict future occurrences and trends.
- Mining data to discover new trends, relationships and patterns.
- Experimenting to test previous decisions made and investigating the variance.
In this competitive era banks have progressively started realizing the value they can achieve through enhanced analytics capabilities and they are religiously working on the solutions possible to achieve the desired output and leverage the capabilities within.
Categorization of Business Analytics by BFSI industry