Business Intelligence and Analytics in Financial Services
Data is a source of significant competitive advantage for any organization. Financial institutions need to support business activities and decision making in a fashion that is timely, relevant, verifiable, and personalized to meet a variety of stakeholder requirements. However, it is easy for financial services firms to become overwhelmed by the volume and complexity of unstructured data.
The industry’s challenge: Understand and interpret massive amounts of data
Financial services front offices are increasingly pressured for real-time business analytics, customer insights, and centralized customer preference profiles for their delivery channels. The ever-expanding volume of data available to financial services institutions, coupled with IT’s diminishing control, makes it harder to ensure the consistency and effectiveness of available information.
Organizations must have accepted practices for information management including data ownership, data architecture, sourcing, modeling, validation, cleansing, access, distribution practices, retention, and archival policies. Information management groups within the financial services sector are increasingly challenged to use information management networks, risk management systems and utilize business analytics tools to solve a variety of business intelligence questions.
Perficient has noted significant demand and focus on the following areas of the industry:
- Self-Service Analytics: Provide customers access to analytics tools
- Pervasive Analytics : Publish reports to help enterprises embed predictive analytics into all business processes
- Social Analytics: Utilize social decision making combined with analytics
- Scalable Analytics: Provide tools to help users interpret ‘big data’
- Cloud Analytics: Provide SaaS-based data warehousing
- Real-Time Analytics: Provide self-explanatory, business-oriented analytics
How Perficient can help
Perficient’s Business Intelligence solutions and Information Management services provide business analytics for executives that support tactical data initiatives and enable long-term planning and strategic thinking. Perficient enables business analytics that optimize customer insight at the point of interaction while also providing information to help improve the effectiveness of your operations. We provide a variety of information management solutions and services that can be leveraged to enable:
- Customer insight and information
- Business intelligence and reporting
- Profitability analysis
- Product pricing
- Risk management
- Regulatory compliance requirements
Financial Services Series | Do You Know Your Mobile Banking Customer?