Banks have a lot of data to work with – and a swathe of potential benefits if they can figure out how to analyze and leverage this effectively. From detecting patterns that identify and prevent fraudulent transactions, to better understanding customer behaviour and managing risk, the right BI solution can save banks a ton of money, build customer trust and help grow the business, while at the same time easing the regulatory burden and making their data more secure.
Issues surrounding data security can make a lot of banks and other financial institutions jittery – and no wonder. An ever-increasing mass of rules and regulations, coupled with a rise in cybercrime, means that safeguarding customer information often frustrates commercial ambitions. At the same time, maintaining the quality of data can be incredibly tricky. Cleaning, harmonizing and reconciling information collected in different formats, across sprawling departments in different countries and languages can be a major challenge, and it’s hard to track down people with the right skillset to query this complex data and draw out the insights that would make it worthwhile.
To take the leap into BI, banks need a powerful, thoroughly secure, and genuinely self-service solution. They need the capability to draw together all their disparate strands of data, from the most convoluted financial records through to consumer-facing marketing efforts over social media and other channels. What’s more, business users and analysts need to be able to explore this wealth of data unaided. That means having an intuitive dashboard component that’s flexible enough for non-IT staff to run their own queries, extract and visualize their own insights, without sacrificing on granular detail, using huge data sets.
Sisense’s banking analytics solution offers watertight security with staggered access control that ensures that teams and individuals can only access the data they need – limiting whose eyes are on sensitive data. It’s available as an on-premise or Cloud solution, allowing you to tailor data storage to the requirements of regulators and in-house policy. Meanwhile, the Elasticube innovation allows users to build dashboards and run queries without IT expertise. It also circumvents the need for data warehousing, bringing all your data sources together and harmonizing this so that you can treat it as a single source of truth. The ability to run analyses in a matter of hours, rather than weeks, means you are always up-to-date on emerging risks and opportunities, allowing you to manage your cashflow and investments and maximise profits without missing a beat.See Sisense in Action