Business Intelligence For Banking Has Shifted The Paradigm Business intelligence is a term that broadly covers several new technologies which have been touted as a paradigm-shifting deal in the baking industry. Used interchangeably with data analytics, it is slightly different. Business analytics, or advanced data analytics, it is the same deal and it is important for the banks. One might just wonder why? The potential that business intelligence for banking poses is enormous. It is instrumental in improving and developing better tools which can be used to speed up the decision-making capabilities based on pure numbers. It can be helpful in optimizing the internal business methods, improve the efficiency and even productivity to a certain extent. It can help a business develop new methods to enhance the revenue influx which is the major requirement. How does it help banks? Business intelligence helps business identify the market trend and optimize their products well for the target customer base which can help them identify subsequent behavior and tread towards the vision that they have in mind. There are certain trends in the number which give away the things that do not work on a generic scale. Business intelligence in combination with data analytics can help them identify these and rule them out such that you only have a winning solution and strategy in place. Why are these solutions needed? BI and analytics solutions contain too much data. This data is stored with the help of a process called data warehousing. Be it active data or historical data, the storage system is capable of storing it as soon as it is generated such that the tools in place can read and identify patterns and develop charts and functions which can be helpful in developing quicker mechanisms to combat the problem at hand or even make decisions which can impact the business significantly. Business tools were initially used by analysts to identify the reports or the results over the quarters. However, these reports and queries have been modified and have become increasingly popular when it comes to developing dashboards which are used to monitor progress, growth or even potential markets. Futuristic scope With several kinds of business analytics tools coming into the picture, there is no dearth of customizations for the markets. Be it visualization based chapters, performance scorecards, infographics or even a generic table, it is only a matter of figures that these key performance indicators are charted out seamlessly. With analytics playing such a huge role in business development, it is only a few years before it is used for crucial ventures.
LSI Keywords: business analytics tools, performance scorecards, business tools, analytics solutions