Business Intelligence Geared Towards Your Unique Needs

business intelligenceRemember the days of point in time period ending management information, when you analyzed historical data to determine what was working and what needed change?

Well, that’s now been supplanted by interactive business intelligence (BI), which is basically the same thing, only using technological tools and systems to gather, store, access, and analyze data trended over time to help your financial institution’s leadership make strategic decisions. It also refers to the ability to identify a key piece of information and then click on it to drill to the detail behind it. While there are multiple tools available that do this, most of them are geared towards retail, manufacturing and other industries, and incorporate little about the banking environment.

BI’s Value in Banking

Business leaders in banking have very specific needs, which can’t be fulfilled by technology created for tracking physical inventory. Business intelligence offers value to banking executives when it’s able to deliver real-time reports on their loan portfolios, profitability of subsidiaries and acquisitions, and the performance of certain types of products. When your leadership team is reviewing the performance of a particular pool of loans they don’t want to be looking at information that’s two weeks out of date. That’s what happens, though, when all you have available is historical data, or your staff needs to collect information from multiple sources and compile what’s needed on spreadsheets. This is a costly and time-consuming ongoing business model.

The Current State of Affairs

The scenario above faces most banking executives today, however. Many organizations have holding companies with several different subsidiaries that make up the bank’s business.

Each subsidiary has its own income statement, assets, liabilities, etc., and in multiple instances compiling regulatory and management reports is a very manual process. When the leadership wants to know where things are at mid-month, waiting until 14 days after the month-end reports are consolidated doesn’t help much. They want to look at current information and drill directly to the details to understand what’s driving the change or anomaly.

What Banks Really Need

To get the true value of business intelligence, it’s paramount for everyone in your financial institution to be able to access the data they need at the time they need it. That means being able to generate and view trending information onscreen with a simple click. This is best accomplished using a central repository of up-to-date information and a browser-based reporting tool having the ability to drill down to the source details. Implementing an effective BI solution will also allow for more effective resource utilization as well.

The Good News

Fortunately for bank execs, there is now a solution to all of these issues. JOHO OneSource™ offers the financial industry a data warehouse solution that enables customized access for all bank employees that uses the same information from the same sources and provides access to only what the user needs to do their particular job.

Whether that’s a leadership view for identifying future product potential, or a teller view to provide good customer engagement, BI makes it possible for everyone in your organization to deliver exceptional service and contribute to the profitable growth of the institution.

 

Banking Analytics Tailored to Your Business

banking analyticsIt’s no longer a secret that personalization is key to improving your customers’ experience. Whether it’s supporting existing clients, cross-selling and upselling to them or sourcing new ones, the more you know about them the better you’re able to reach them. In the financial industry, however, much of the available data comes in sets accessed via analytical tools that operate in silos.

Here’s how to find a tailored system that helps you get the most out of your analytics by giving you the specific information you need, when you need it.

Be Flexible

Analytics products aren’t all created equal, and most core system vendors offer fixed solutions that consist of the analytics they believe will be most useful to your financial institution. In many instances they are correct, but for institutions offering a range of products with unique attributes like yours, fixed solutions often miss the mark on the data you need. Look for a flexible solution such as JOHO OneSource™, which pulls data from across departments to build a customer profile focused on the questions you need to have answered at the time.

Skip the Silos

Financial and purchase data is typically stored in silos, which means the average analytics deliver information based on those same silos. To get banking analytics tailored to your business’s primary activities, you need to sidestep the silo trap. Avoid buying core and ancillary system tools with a single analytics focus, which could eventually result in your needing five different analytics tools to cover various focus areas. Implement a tool with a single-source analytics platform that draws data from multiple sources, combines it, and produces intelligence that’s usable and interpretable for your specific purposes.

Minimize and Simplify

To remain competitive, modern financial institutions need business information for marketing, reporting and regulatory purposes. Just as having a lot of data can become overwhelming and render the intelligence useless, having too many analytics tools can end with reverting to manual processes (such as Excel) to check for delinquencies and other issues.

You can overcome the conundrum of “too much useless information” by installing a simple, cross-system platform that functions as a data warehouse. This type of system incorporates information from multiple sources, performs complex queries, and delivers reports based on a single source of truth. It also eliminates the need to have several specialists who each pull data from a particular tool, simplifies deployment, and reduces the training requirements for users across the institution.

Take a Consultative Approach

Instead of settling for a standard analytics package that provides information the vendor thinks you need, look for a system based on a consultative approach. Find an expert in enterprise systems who listens to your pain points, helps you to ask the right questions and find the right answers.

At JOHO, we take the time to get to know your business needs and goals, develop a solution to meet them, and help you assess whether you’re ready to implement it.