Data-driven journey consist of the following parts:
- Answering the question “Why” and finding realistic goals.
- The current state of data and what challenges you’re ahead
- Data culture. The idea of the data as an asset must be shared in the whole organization.
- The tech and the people. Employees should understand that the technology is for them, not to replace them.
When all this is covered then the organization is ready to make data-driven decisions.
One of the technologies that help the organization become more data powerful is Business Intelligence, a technology that is becoming smarter with time.
What is the role of BI in modern banking?
At the moment, banks seem not to use all the advantages of data. And the data must be reliable, of course, if banks want to use it for decision-making.
How can banks and SMEs benefit from using BI:
- Increased personalization
- Reduced customer churn
- Better service with less workload
- Providing customers with another channel of communication
- Risk mitigation
- Loan processing acceleration
- Automated ad hoc reporting
- KPI analysis
- Better monitoring of employee
- Analyzing products for potential cross-selling
- Keeping up with competitors
Watch full presentation to learn more: