BI trend in BFSI

Banking, financial services and insurance industries are sophisticated and complex. These industries are subject to significant regulation and they generate mountains of data. For the enterprise that participates in one or more of these markets, it can be difficult to stay abreast of changes in the market, changes in competition, and customer and regulatory changes.

Banking, Financial services & Insurance (BFSI) – Data democratized. Decisions empowered. Each instrument delivers ElegantJ BI – BI Tool for Banking, Financial services & Insurance (BFSI) Evolution of Core Features of BI.

Decision Support System – first envisioned as a technique for management and organization leadership

Journey of Raw Data -> Information -> Knowledge critical for enhanced Organizational efficiency, reduced Cost and improved Profits that are the objectives at the core of BI Philosophy

Analysis of existing data to generate post-facto Data and Information literacy – Cubes, Slice & Dice, Drilling, Induction, Statistics, OLAP and real-time BI, Data Visualization.

Predictive Analytics to develop strategic insights into the future based on Historical data.

Standardization – Self-Serve Reports, performance Dashboards, KPIs, Scorecards, Benchmarks.

Targeted Benefits to BFSI – Improved Operational Efficiency, Products & Services, Customer and Portfolio Retention, Fraud detection and Risk Reduction, Corrective Strategies, Innovative Marketing, better planned profitability.

Challenges in Status Quo – Increased Security concerns and Regulatory norms hindering accelerated technology and BI adoption, weight of legacy data and processes, cost of change.

Levers of Progress and looking forward – Proliferation of Unstructured Data, Fintech revolution, Mobility, Agility, Digitalization, Automation, Big Data finally living its hype, Augmented Reality, Collaborative and Conversational Analytics.

BI in BFSI – An Overview

From Data Driven to Value Driven

Big Data in BI – realized through Smart and Fast Data. Use of NoSQL DB, Unstructured data repository, Analytical tools using rapid parallel processing.

Deep Prescriptive BI through Digitally ubiquitous Unstructured Data – Reinvent, Digitalize OR Eliminate.

Decision Automation – The utopia of interplay among Robotics, AI, ML and NLP may well be here!

Vastly improved Self-Service through Data Catalogs

Traditional Analytics driven by new and renewed Data Systems interoperability – Utility of Data Lakes and increase in their ROI.

IoT and pervasive computing driven Data Collection and Analysis for business strategy of expansion, consolidation, mergers and acquisitions.

Hybrid Clouds – Private clouds, On-premise Data and Public Clouds to cooperate and collaborate for a seamless Analytics experience for better enterprise wide decision making.

NextGen BI through Data Architecture Modernization.

Blockchain emergence beyond Cryptocurrency – Smart Contracts, Insurance Fraud Prevention, Anti Money Laundering.

Fintech Collaboration – Non Brick and Mortar Banks with extreme Consumer focus.