Why Financial Institutions Should Bank On Business IntelligenceOne of the biggest challenges that banking sector is facing is customer engagement. As technology is emerging across mobile devices, computers, and the internet of things (IoT), the expectations of the consumers are also changing. Today’s customers expect that banks and financial institutes should deliver personalized experiences to them across multiple touch points. In order to cater to customers’ requirements alongside increasing profitability and improving the effectiveness of marketing campaigns, banks and financial service companies are generating and compiling huge amount of business data. However, it is quite messy to manually chase down data across disparate systems while gathering useful business insights. With smart Business Intelligence tools like Microsoft Power BI, banks can analyze customer data to improve and streamline operational efficiencies while building healthy relationships with customers through personalized engagement.
Microsoft Power BI is business analytics solution that delivers easy-to-understand visualizations of customer data that enable banks to uncover actionable insights. Power BI can easily get connected to hundreds of data sources to bring your data to life with live dashboards and reports. Built-in predictive analytics offer greater visibility into your historical and current data, enabling you to understand trends, patterns and behavior that can further be used to derive personalized engagement. With Power BI, financial data teams no longer have to waste time in finding, formatting, and presenting the right data to decision makers. Analysts can share the latest, refreshed data to colleagues through powerful, interactive visualizations using Power BI.
By connecting presentations directly to financial data sources using Power BI, banks can easily minimize the risk of errors while significantly reducing time to convert unstructured data into information and actionable insights. Power BI can seamlessly be connected with different data sources such as Excel spreadsheet, database on your business network or cloud-based, such as QuickBooks Online, in any combination. Power BI content pack for QuickBooks Online enables you to create dashboards to analyze balance sheet, cash flow, & profitability. Power BI Q&A feature can be used to ask natural language questions, such as “Who are the most profitable customers?” and you can see an interactive visualization as an answer. With smart reporting and visualizations, decision makers can easily understand customer base and also view potential areas of growth across specific demography, specific products, or a combination of both.
With Power BI, banks can also track whether they are delivering the best service to their customers. By combining account activity data with customer satisfaction surveys, banks not only can understand customer behavior but also use these actionable insights to improve the customer experience. Thus, we can say that data-driven and customer-focused approach can enable banks and financial service providers to improve customer engagement. How can we help you?
If you’re looking for trusted organization delivering Microsoft Power BI Integration services, then Navision India can help you with that. We help you getting BI connected with Excel spreadsheets, on-premises data sources, big data, streaming data, and cloud services. By importing large volumes of data from multiple sources into Power BI, we enable you to make more informed decisions.