Improving Banking Data Silos with Enterprise Solutions

Blog Nov 10, 2020

Analytics Intell

Team

Many financial organizations struggle with overall productivity, reporting and customer service efficiency because of banking data silos. Using antiquated systems results in laborious hours, inefficient use of time for highly skilled labor, inaccurate budgeting and forecasting as well as error-prone financial consolidation. Without the right finance solutions in place to see the big picture of your business, you will experience pain points in operations and decision-making.

How can data integration help you solve some of your top banking pain points?

Our teams spend too much time generating reports and we are challenged with accessing the right data to make informed decisions.

Many banks pull data from several sources – both internal and third-party sites and legacy systems. And each department, whether Finance, Sales, or Marketing, has different metrics and reporting formats to develop their separate KPIs. When you need to generate quick and reliable reports and monitor key KPIs, such as loss allowance by channel, national marketing organization, and product, you need a sophisticated enterprise reporting platform to achieve these goals.
For an organization to get an accurate picture of sales data and use it to project revenue, leadership needs to be able to access data across departments to see the full business picture. A critical step in data intelligence is to integrate all these existing systems, to produce a single version of the truth for corporate reporting and analysis. Analytics Intell creates business intelligence platforms to pull in information in one central organization intelligence system, with exceptional flexibility to quickly create highly interactive, pixel-perfect dashboards and reports to monitor key KPIs.

We need better data capabilities to cross-sell our banking services.

To cross-sell into different channels, organizations must have a holistic view of the customer profile and accounts. A central financial business intelligence platform communicates across businesses, such as checking, small business, retail, mortgage, and credit card customers. This central system allows you to see activity across functional areas and how customer actions might apply to cross-selling opportunities. Analytics Intell eliminates silos by pulling all account data into a central, integrated system.

We need ways to improve our customer service.

81% of organizations cite customer experience as a competitive differentiator.

The best customer-facing banking apps provide transaction history, purchase preferences, quick follow up, and alerts for associates to ping customers when new services are available. With this capability, you can ensure that your bank associates have the best information to provide high quality service, resulting in repeat business. Other features, such as alerts with inactivity of accounts for three months or no direct deposit set ups, help you proactively reach out based on actions during the customer journey. Or, you can provide self-service insight into a consumer’s own transactions, spending behavior, etc. Understanding the lifecycle of your customer base is crucial to optimizing operations and providing unique customer experiences.
With custom mobile solutions, you can:
• Alert when new products and services become available
• Schedule a dedicated banking appointment
• See when the customer has arrived at the bank using GPS and Bluetooth capabilities
• Send an email instantly thank them for coming in

We need to improve customer retention and acquisition.

Acquiring and retaining customers starts with creating a great experience. When your data is connected through a central database, your company can track metrics to help you track success and improve satisfaction for long-term growth. Through custom mobile applications, you can run what-if scenarios of your customer programs to show the level of customer satisfaction, allowing client advisors to access this visualized information on-the-go.
Analytics Intell will integrate your customer data across sources to help you paint a full picture of the customer journey with your company. A central platform allows you to have a centralized view of your customer activities, across functional areas to better understand customer needs. Use all your customer data to personalize multi-channel experiences and access customer analytics intelligence to respond to customers immediately.

With a single, holistic view of your business and customers, you have enhanced capabilities to generate accurate reports and drill down to critical KPIs that drives decisions per department or function area.

Analytics Intell is a data technology partner for creating consistent and trusted data across the enterprise to provide you with a unified view of the customer experience, resulting in incremental revenue for your financial organization. These solutions set up your financial banking reporting system for success. With the application of custom software, custom mobile applications and predictive finance analytics, your business can view the big picture and determine the best strategy to apply for expected outcomes.

Finance Data Solutions