Business Intelligence for Financial Services Company: Achieving Improved Time to Gain Insight

Not long ago, the concept of Business Intelligence (BI) systems is an abstract idea that not many are willing to learn much about. As businesses deal with millions (up to billions, maybe) of unstructured bits of data flowing in for the company to deal with; having a BI structure can impact daily business operations, making these bits of data easier to analyze, understand, and utilize.

Knowing how BI can improve everyday business situations make this technological implement a must of all sorts of organizations. Among the many benefits of this structure is its capacity to reduce the time it takes to drill down on data to interpret its hidden insights.

Improved Time to Insight

As business models for financial institutions continue to change with consolidation, mergers, and regulation changes; the need to obtain insight from data quickly to take swift, crucial action is an imperative. With the right BI tools, financial services companies can gain the insight it requires more quickly; allowing it to commit to faster, more effective decisions and commitments about how to market new products, retain clients, and increase its business efficiencies.

The thing though is that achieving new insights on disparate data could be very challenging. Same is true in the case of a Seattle-based brokerage and investment bank. Without having a single, centralized view of client and financial performance across business lines, the company relied on individual judgment for many of its decisions– which is, as we know it, very risky.

The company was able to effectively address this problem though by implementing an IBM BI platform. Today, the company is able to segment its clients based on relevant data such as current holdings, investment styles, transaction histories, and other relevant banking behaviors. With this, the company is able to upsell the fitting products and services to its clients based on the latter’s relevant data and banking behavior. The analyses of these data also opened the window for lucrative investment opportunities for the bank, developing promising financial products while minimizing risks.

The BI tools are likewise able to help out the company produce comprehensive reports in a single day, as compared to making the same reports in 10 days without BI. On top of this, the company is also able to acquire analyses with less full-time employees; and it took only a few persons to manage critical tasks with the help of its BI tools.

With this, bank executives can only conclude that by leveraging disparate data analyses with the help of BI, banks could improve its efficiency and services to clients while driving new sales as well.

In this case, the bank was able to realize a 180% increase in its outbound sales– thanks to client insight with BI.

© 2014