Many financial service firms invest heavily in the governance, regulatory compliance, risk management, as well as customer data through their service lines, subsidiaries lines and product lines, which are on-going requirements. In case of banks, it is crucial to juggle risk management with smart intelligence that is required for growth and success. Many financial institutions offer services for their customers without any profit, like in banks, the free checking for high-activity customers with low balances.
In most of the cases the bank’s profit comes from only the 20%-30% profitable customers and the majority of them do not contribute to the profit of the bank. Many financial institutions make use of BI to identify those unprofitable customers and look for opportunities to enhance relationships and convert them to profitable customers.
Investing in a career as a SAP BI developer or consultant is certainly lucrative and you could begin with the SAP BI certification courses.
Below are listed some tips for the application of BI (business intelligence) in financial services.
Pull Instead Of Push Strategy:
The strategy of pull works better than push. Pushing products on customers is not a very good idea. Instead an organization needs to reorient itself to pull customers through robust analytics and greater use of business intelligence.
Identify Features for Flexibility:
Instead of employing the push strategy, business intelligence should identify the services or features that can be incorporated to generate more business without compromising on the profit. Nowadays customers want to dictate the features of the products and want the products to be customized according to their needs and they are willing to shell out extra money for that.
Understanding Data:
In financial services, customer data is of vital importance while designing a product. The requirement of the customer is the foremost in the creation of products and you have to understand that. All the sophisticated equipment’s and methods you employ, would do you no good if you fail to understand the requirements of your customers.
Get Centralized Data Governance:
The governance of data should be made centralized. Although it is difficult to integrate the divergent business systems and data stores into centralized data warehouse, the financial services can still benefit from the stewardship of centralized data. This should be adopted, otherwise there would be lack of compliance and standards and a divergent information management tactics leading to the failure to achieve the top-notch initiatives that are dependent on the product, customer and financial data quality.
To Remember That BI is a Business Problem:
Themost common mistake is to assume that the BI is a technology problem. It is rather a performance management, governance, processes and organizational structural problem. It should always be kept in mind that IT cannot dish out an effective business intelligent system on its own.
Specific Tools Are Less Important:
Less importance should be attached to the tools as the vendors believe that a BI application is not dependent on a particular tool and the predictive analysis of the BI application is dependent on the algorithms, business rules and transformation of data rather on the tool.
Combining Education With Information Acquired In An Iterative Process.
In order to streamline the customer profitability calculation and put it into effect, a draft methodology should be developed to calculate the profitability and compute examples employing existing customers. The draft should be then applied to a small group in the organization and feedbacks should be incorporated and the revisions should be made quickly. To apply this to a broader segment, your staff should be educated to define profitability and its method of computation. The next step should be to train your employees so that they are able to take more profitable customer decisions and solicit feedback to enhance the method of calculation and usage.
The deployment of BI in the financial industry is on the rise and you could make a profitable career as a SAP BI consultant with SAP BI training.
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