BI/DW for Banking, Financial Services and Insurance (BFSI)

16 Feb

BFSI is one of the complex and sophisticated industries in the world as these industries are subjected to generate substantial amount of data. Indeed, companies entering these markets confront several difficulties to stay abreast of changes in the market, changes within competitors, and changes in customer and changes in government and regulatory bodies. In order to compete with others better modes of attraction and retention of customers to be identified and dependable strategies to be deployed. The enterprise must also achieve an integrated view of data across all systems and data sources in order to provide up-to-date data for analysis and decisions. At the same time, these enterprises must focus on a secure transaction environment to ensure compliance and protect confidential and private data. To be successful in this environment, an enterprise must establish and monitor appropriate key performance indicators (KPIs) and metrics, identify and support profitable customers, improve operations at the grass-roots level and achieve true business intelligence to understand and improve portfolio performance and predict and forecast results based on trends and business patterns.

BI/DW for BFSI

Business intelligence (BI) not only can support, grow and ensure the success of the BFSI companies but also its users and other professionals involved with it.

Banking:

  • BI facilitates the banking organization to change the financial performance and allows the organization to set up and meet goals and track progress using a huge volume of information, integrated from numerous enterprise systems and sources. Banking professionals and stakeholders can monitor their financial strength and create and share reports to abide by the government and industry regulations
  • BI helps to excel the banks in customer service and meliorate customer acquisition with targeted marketing and market research. Users can distinguish the most profitable customers and analyze buying behavior and preferences
  • BI helps users to measure risk trends and forecast profitability with reliable data. Moreover it supports all banking requirements and analytical needs including credit analysis, regulatory compliance, operations management, loan monitoring, dealer loan analysis, demographics, customer profiling and many other factors of business success.

Financial services

  • BI enables the users to identify and focus on business factors that are in need of betterment or fine-tuning. Financial services companies can maximize operational efficiency and gain profit margins by establishing and cascading new strategy and monitoring operational performance and tactical performance, KPIs and metrics. Automated alerts enable the business user to customize information views and receive updates when a critical threshold has been crossed; thereby ensuring that corrective action is taken swiftly and decisively.
  • BI facilitates to analyze and manage centralized administration of all consumer information, with data integrated from several enterprise systems and sources. Users can create personalized dashboards to view this information in a convenient way can be easily understood by them. They can summarize data and drill down data to present results in charts, graphs, and gauges for presentations and analysis.. Users can analyze consumer credit and monitor activity to identify the most profitable markets, customers and demographics, and to mitigate default and risk.

Insurance

  • BI facilitates insurance companies to manage and analyze Sales, marketing and channel partners thereby enabling the business user to monitor information from various distribution channels and identify which customers are more profitable and forecast results with complete insight into which channels are the most cost efficient
  • BI helps in agent performance analysis to identify cost saving opportunities and increasing yield. Managers can promptly determine which agents have the highest customer retention rates and monitor actual results against plan
  • Claims results can be monitored and new trends and strategies can be deployed to detect fraud and risk causing factors. Users can establish automated alerts to notify them of specific issues so that the user can take quick execution to resolve problems or determine the root cause before missing the target
  • Manage and Analyze actuarial and risk factors by  evaluating new trends, identifies areas and markets where risk is increasing and enables swift risk analysis with robust reporting, charts, graphs, gauges, alerts and other tools to support decision-making and extenuate risk.
  • BI supports all insurance requirements and analytical needs including credit analysis, regulatory compliance, operations management, policy monitoring, underwriter and loan analysis, demographics, customer profiling, claims analysis and many other factors of business success.

Advantages of BI/DW services and solutions in BFSI industry

  • Maintain and Ensure to meet the regulatory, governmental and industry compliance by balancing the risk involved between business and growth
  • Produce user-friendly  Reports on performance, customer demographics and other factors through dashboards and KPIs to the management
  • Analyze and act on customer business intelligence
  • Provide a bird’s view structure of risk, customer profiles, products, services, regions, sales, marketing and other information and indeed, increase customer profitability, ameliorate customer service and cut down operating costs and risk
  • Fulfill user needs for diverse views and perspectives and provide custom support for individual roles, functions and team activities
  • Boost revenue  and Improve efficiency of the overall business process and increase the confidence of decisions making for the management
  • Increase value of investment with full insight into costs, performance and risk factors and Leverage investments in existing resources and infrastructure by integrating data from existing sources
  • Assist in cost control, resource allocation and operational management
  • Ensure accurate, timely decision-making with granular, enterprise-wide information, graphical displays and personalized dashboards and alerts to provide up-to-date information and simple analysis
  • Identify and take corrective measures for inefficiencies, process issues, and under performance using powerful key performance indicators (KPIs) and metrics
  • Calculate and adapt pricing and strategies based on accurate forecasts and trends
  • Align performance with strategy and objectives and enforce accountability
  • Accomplish complete insight into financial and operational results, claims adjustment and management, overhead costs and fraud and risk management

Is your organization into BFSI ? How can your organization adopt successful business intelligence implementation? Email your interest to Shaughn Knight, AVP – Business Development and Inside Sales Operations.

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