The Role of Business Intelligence in BFSI

Banking, financial services, and insurance (BFSI) are more complicated than ever. They also have ongoing compliance requirements and generate massive volumes of data. Business intelligence (BI) professionals in the financial services industry are responding to these challenges with technology and a systemic approach to operations. That includes risk management, regulatory compliance and reporting—three things at the core of BI.

For most of these firms, the business intelligence process is: Invest once, build once, provide for many. That addresses many of the industry’s most common requirements. Here’s a quick rundown of those requirements, and the benefits of using BI for BFSI firms.

BFSI Business Intelligence Reporting Must-Haves

BFSI demands

  • Handle heterogeneous data sources at all latencies
  • Data in any format, with any hierarchy
  • Data that is available to service-oriented architecture (SOA) solutions in real time
  • Data that can be acquired, updated, and pushed to real-time systems
  • The operational intelligence gained from analysis and modeling

Data provisioning is the first step in meeting these needs. It’s deep-rooted data architecture work that ensures strong data governance and management. The architecture may be developed and run as an enterprise data utility.

BI for Risk Management and Regulatory Compliance

Here’s how BI is being used for risk management and regulatory compliance:

  • Increase efficiency of fundamental business processes like call centre management, loan processing, etc.
  • Better risk management in investments, credit cards, loans and consumer bankruptcies.
  • Detect and prevent illegal activity such as money laundering and theft.
  • Comply with industry and government regulations
  • Retain and increase the client base, improvise cross-selling opportunities and upsurge customer profitability via a better understanding of behaviour, requirements, and preferences.
  • Use industry standards for a real-time, precise, and single source of the truth.

What’s In It for Your Organization?

Our BI solutions help companies achieve significant ROI and strategic value by safeguarding, handling, and repurposing all forms of structured and unstructured data. These solutions can help business leaders streamline and automate the processes to provide reliable information to employees, customers and partners which results in:

  • Improved customer service levels, enhanced customer service offerings and stabilize online and in-person delivery channels.
  • Sharing and accessing information across the business, units are streamlined.
  • Integrate processes and the data flow across front, and back office operations.
  • Increase in performance with BI solution – increased productivity while reducing costs and enhancing bottom-line results.
  • 360-degree view of the customer can be achieved.
  • Lower the cost of meeting regulatory compliance mandates while improving risk management.
  • Scale enterprise solutions to meet the changing demands of customers, partners and employees.

Author: Shashank Reddy Tummala.

Shashank is the COO of Tek Leaders inc.He helps SMB’s to achieve their goals in their journey of Digital Transformation.

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Insights in Power BI vs Excel

Today’s organizations deal with enormous amounts of data. Analyzing that data is a key to better performance and valuable business insights. What’s the best approach? Although Excel is useful for insight into early, raw data, Microsoft Power BI is more of a business intelligence tool that helps users visualize data from multiple sources

Here’s a rundown of the main benefits of Power BI over Excel.

What Power BI Does that Excel Can’t

Data Volume and Simplicity
Power BI can handle huge volumes and varieties of data, subject to design and environmental constraints. Tables can be loaded and correlated based upon communal fields. The Power Query Editor and the Data Modelling sections have easy-to-use, intuitive interfaces.

Data Connectivity and Auto-Refresh
Reports can be connected with heterogeneous data sources (discrete databases), infrastructure (on-prem, cloud), social media, CRMs, and the like far more efficiently with Power BI. The time consumed by the ODBC Driver of Excel for data import is at the high end compared with Power BI Workbook.

Auto-refresh keeps the data in sync with the connected source. Refresh Now and Scheduled Refresh option keeps all reports updated.

Reports and Cross-Filtering
Users can develop graphic reports easily, ensuring visually-appealing, professional results.

Cross-filtering is not available in Excel, it is in Power BI. This allows users to decide the flow for filtering data between tables.

Alerts and Emails
Once a dashboard is created, email alerts can be set up on KPIs eg, alert when inventory falls down, Creation of such alert and triggering an email when a condition is met is made very simpler. Where in Excel, we have to create macros using the VBA editor for sending an email or a reminder.

Other Features

Natural Language Query
NLQ lets users get answers through Power BI Service. This feature is useful to users who aren’t familiar with data models and have no time to play with reports.

Row Level Security
Adding Row Level Security (RLS) is a challenge in Excel. With Power BI, even non-coders can add RLS for different groups. RLS can be implemented to ensure that employees can only see data relevant to their local geography.

Download and Export of Dashboards
Users can download dashboards or export the reports to PowerPoint, PDF, or printers.

Power BI, Excel, or Both?

A data-driven world demands an efficient, effective data analytics tool. Companies are clamoring for data visualization and to do away with tabular reports containing hundreds of pages of numbers.

Business users can use Power BI without having to ask IT to analyze their data. Automation of dataset integration, ease of expansion into new data sources, rapid visualizations, and easily-deployable Row Level Security all make Power BI a necessity

To improve your data organization and analytics, contact Tek Leaders today. We create custom data storage, analysis, and visualization systems based on individual workflows and business strategies. If you have questions about how to use Power BI merge queries and other data analysis tools more effectively, you can reach us by email directly.

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Power BI Merge Queries vs Merge Queries as New

Microsoft’s Power BI is more than just a data visualization platform. You can also use it to perform deeper analysis and organize your data. One of its most useful analytics and organization options is the Power BI merge query. This tool enables you to merge multiple queries (or tables) to find connections between different data sets and reduce the number of tables you have to manage. You can look at your data from new perspectives.

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