In banking, timely and accurate decision-making means lower risk, streamlined operations, increased profit, and better customer experiences.
So, how can bank directors and executives make more insightful decisions in real-time? It comes down to business intelligence (BI). Banks that invest in the right BI technology will gain the insights they need to adapt to the marketplace, meet changing customer demands, and grow their business.
What is business intelligence?
Business intelligence refers to technologies and tools that are used to gain deeper insights about an organization to help it make better strategic decisions. BI goes beyond just analytics and numbers. It shares insights that can be understood (and quickly acted upon) by decision-makers - without needing a degree in maths or statistics.
But let’s talk more specifically about BI in banks.
Because of the sheer volume of transactional and customer data available in banking, it isn’t practical for banks to manually sift through and analyze this information. In recent years, technology has made it possible for banks to gain BI insights from their data and automate many Business Intelligence processes. BI solutions now offer banks better ways to manage their assets, marketing campaigns, and risks.
But Business Intelligence isn’t only about statistics and reports. The most advanced BI systems for banks include live dashboards, allowing managers to monitor performance in real-time in order to act immediately. Here are some of the main benefits of using live Business Intelligence dashboards:
The live dashboards, together with advanced reports, statistics, and analytics provide a powerful tool for your banking executives to transform the customer experience.
Business Intelligence brings tremendous benefits to banks and financial institutions, including:
But of course, not all BI platforms are created equal. The specific benefits for your bank will depend on what features come with your BI tools and how you apply them.
SEDCO’s advanced Business Intelligence system empowers your banking executives to make better decisions.
With easy to understand insights, you can analyze regions, locations, branches, services, transaction types, and even individual tellers to so you know what areas to focus on. You can measure performance, find areas of weakness, and decide where to invest resources for maximum effectiveness. Plus, you can spot trends to improve the customer experience, increase cross-selling, and drive more business.
In 2020 and beyond, you can expect to see more artificial intelligence (AI) being used in banking. With machine learning integrated into your system, you’ll get more powerful insights that are easier to understand and put into action.
Expect to see more of your data integrated into a single platform so you can get more powerful, rich insights in real-time for faster, more strategic decision-making. As more physical branches transform into smart digital branches, BI solutions will integrate with and show insights from your queue management solution, customer feedback systems, self-service machines, and other parts of your customer experience and banking ecosystem.
Don’t want to wait? The future of BI in banking is here now when you partner with a company that offers the latest digital branch transformation solutions.
With SEDCO, you get the insights, services, and tools you need for your bank to thrive and grow in 2020 and beyond.
With over 35 years’ experience, 80 trusted partners, and 60,000+ installations worldwide, we’re leaders in designing, developing, and implementing customer experience solutions for banks. We optimize customer journeys through Business Intelligence, which is integrated in the queue management system, digital branch transformations, self-service kiosks, omni-channel customer feedback, digital signage, and more.
If you’d like to chat about how we can help your bank deliver better customer experiences, contact our team to set up a chat.