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Why Financial Institutions should bank on Business Intelligence inoday
July 25, 2019
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In this highly competitive space, organizations are leveraging data analytics to deliver personalized experiences to the customers. FinTech companies are no more exception to this. In this new generation of disrupting banks and regulations where customers seek consistent and personalized experience across multiple touch points, finance industry needs to target customers based on their individual buying habits. Financial institutes need to figure out customers’ needs through sentiment analysis to deliver accurate and highly personalized service experience. Microsoft Power BI is a cloud-based business analytics solution suite that converts big data into useful actionable insights. As a robust tool, Power BI presents data in new, easy-to-understand ways so that it can be used to drive personalization, security and supports crucial business decisions.
Financial Services Organizations are making volumes of information across dispersed applications and services. Getting 360-degree view of customers and business, while making sense out of this huge amount of data is no more an easy feat. In it, in fact, beyond the capability of traditional software to quickly understand, analyze and find value in data. Business Intelligence tools like Microsoft Power BI enables FinTech companies to uncover actionable insights by delivering easy-to-understand visualizations of data. By transforming unstructured data into visuals, Power BI enables users to visually explore and analyze data and share that across any device for better collaboration. Power BI offers visibility into historical and current data, enabling organizations to better understand trends and implement predictive analytics. Power BI merges disparate data into unified information source, enabling financial service organizations to easily spot trends to deliver personalized customer experiences. Microsoft Power BI can be connected directly to different data sources to ensure real-time streaming. Furthermore, BI combines, transforms and organize data which can used for analysis using multiple models.
The Benefits of Microsoft Power BI Reduce Risks: – Business Intelligence Tools such as Microsoft Power BI mitigates the risk of fraud by tracking customer behavior. Power BI uses transactional data to train machine learning models and detect linkages of fraud that occur across all merchants in the fraud protection network. Owned and controlled by Microsoft, the fraud protection network has superior security and compliance capabilities, keeping your data protected from getting revealed to other merchants or external entities. Drive Profitability: – Getting useful insights from granular data with information such as product, segment, region, date, salesperson, revenue and profit is a challenging task. Power BI visualizes your data to lead you to the next step of taking action and driving process improvement at your company. Furthermore, BI also enables you to spot needs and preferences of your customers, enabling you to deliver personalized experiences. Actionable insights of Power BI enable you to strategize new investment opportunities, predict customer behavior through analytics, and tailor products to each customer’s individual needs. Improve Internal Operations: – Power BI offers seamless integration with productivity tools like Microsoft Office 365, SharePoint, Excel, Microsoft Teams, and other familiar tools to ensure collaboration on reports and easy sharing of data across an organization. Furthermore, Power BI enables you to understand where you can cut costs, improve the customer experience, and maximize operational efficiencies.
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