The data explosion which shall reach around 40 trillion gigabytes of data by 2020, contains the information required by banks to analyze and hone their business processes. This is where business intelligence (BI) employs tools to gather, process, and analyze the voluminous data from multifarious sources for new business insights. Banking analysis can facilitate the creation of targeted marketing campaigns, report compilation, compliance with regulatory requirements, while maintaining the banking organization’s competitive spirit and profitability.
BI empowers banks to boost profits, cut costs, and compete locally and globally. BI enables the banking industry to manage risk with new insights into their systems, transactions, customers, and environments. Detection of fraudulent activity and prevention of future fraud are also possible with the transparency that BI grants banking systems and predictive analytics. A better understanding of the customers’ needs enhances the integration of the banks’ marketing and sales automation with BI resulting in revenue enhancement as well as customer profitability.
Using BI, solution providers are spotting patterns in historic metrics and setting goals to improve upon them. User-friendly and informative executive dashboards help users visualize data to analyze their banking metrics such as loans, expenses, profit and loss by region, and more. The major concern of regulatory compliance can be addressed with BI, that enables banks to gather, organize, and analyze data, prepare reports, and comply with regulations. Solution providers with such capabilities leveraging technologies such as big data, blockchain, cognitive analytics, and more are emerging and driving smart investment decisions in the banking industry.
To help CIOs and CFOs find the right banking analytics solution provider, a distinguished panel comprising CEOs, CFOs, VCs, analysts, and the Banking CIO Outlook editorial board has selected top players from the sector that have the capability to develop innovative technologies and methodologies along the banking value chain, while providing incomparable customer service.
We present to you Banking CIO Outlook’s Top 10 Banking Analytics Solution Providers – 2018.