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Running a bank is like driving a Car !!

Let me explain.. What technology can bring to table?

Yesterday I was seeing some of the dashboards for banks. Looking at them, I found that it can’t be a dashboard - all static one. Like a standing car - when somebody just insert key and unlock handle. You can see fuel meter dial gauge indicating the static position. Right now the dashboards existing in market place are just reporting system-  dumping data and populating some graphs or charts on certain specific indicators that might catch some banker’s attention.

What can be the next level? Imagine, if all real time data  (transactions, payments, new customers, Ratios, the list is endless…………..) is linked to some dynamic business intelligence tool that constantly monitoring all the parameters, it will feel like running a car, instead of running a bank. If you can see dynamic dashboards that contain all relevant key indicators such as risk, customers, payments, financials on real time basis, you will get to know what exactly needs to be done at certatin point of time to meet your banking organization goal.

Hoping more real time technology and business model will come in future where it will be easy to monitor and see dynamic dashboards in action.

 

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Comments: (2)

A Finextra member
A Finextra member 19 March, 2009, 08:14Be the first to give this comment the thumbs up 0 likes

Amit, good observation. The technology exists, but it needs the desire to move the organisation away from that static and historic viewpoint. Real-time views, when they make sound business sense are a first step, but for those steering the strategy, a dashboard that looks forward is more important - to be able to see what could happen. To use your car analogy - change from looking at where you have been (rear view mirror), to where you are now (dashboard) to where you are heading (sat-nav). Just make sure you put in the right destination and don't follow it blindly! 

A Finextra member
A Finextra member 23 March, 2009, 11:55Be the first to give this comment the thumbs up 0 likes

yes, you are right, Techology exist, and IBM and TD Banks jointly enabled this.

http://www-03.ibm.com/press/us/en/pressrelease/23793.wss