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
- 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.
Shashank Reddy Tummala.