Here at BankBI, we’ve observed and listened to what’s happening in business intelligence (BI) generally and banking BI specifically. There are a lot of buzzwords out there and sometimes it’s difficult to understand what it all means. So we’ve tried to compile our top 10 business intelligence trends for the banking sector with as few buzzwords as possible!
Here’s our take on the top 10 business intelligence trends for banking in 2016.
1. Self-Service Analytics
More autonomy in a user-friendly intuitive user interface. If you're a small/mid-size financial institution such as a challenger bank, credit union or microfinance institution, you may not have business analysts. With cloud financial performance software, that's no problem.
2. Get Specific
Move on from platform based projects, building it & maintaining it yourself. Find someone with a pre–built application that’s ready to go!
3. Answer the Why Question
Move from reporting What has happened to answer Why it has happened. Question what the numbers present i.e. ‘Why is this ratio up (or down) this month?' Conduct root-cause analysis (RCA) and bring meaning to the term drill–down and empower users to explore what has caused a change.
4. Analytics on the Fly
Compare and contrast key metrics on demand, looking at the effect of one performance ratio on another, over time.
5. Role-Based Business Intelligence
Tailored user experience with individuals having access to their own BI and performance scorecards in a secure and controlled way. Smarter dashboards with user-based filters.
6. Always Available
Mobile & tablet friendly analytics. No PC? No problem.
7. Ditch those Spreadsheets
Anything you can do in Excel you can do in vertical BI applications! Time to stop building ever more complex spreadsheets – cut out the latency, error-prone approach. Get automated.
8. Get Up to Date Information
Waiting for month end management information is no longer an option - it is time to move to daily data discovery.
9. Make Data an Actual Asset (By Unlocking Core Systems)
Get beyond ‘tip of the iceberg’ database queries and text reports and make that data work hard, (really hard) for you, so you don’t have to.
10. Leverage the Cloud
Cloud applications are mature, and it’s time to capitalise on the lower running costs of subscription based licensing with no hardware environments to provision and maintain.
Simplify BI with Software
We’re of the mindset of making banking BI as simple as possible. One option to achieve this is through the use of pre-built vertical software-as-a-service (SaaS) applications.