How Business Intelligence Plays Game-Changing Role In Fintech Companies?
“Technological innovations will be the heart and blood of the banking industry for many years to come and if big banks do not make the most of it, the new players from FinTech and large technology companies surely will” – David Brear.
Financial technology is a burgeoning industry with many new startups hitting the playing field every year. With ever-increasing competition, early implementation of business intelligence and analytics capabilities can have a significant influence on the future success of a business venture.
Fintech (Financial technology) presents a unique environment where data-driven insights from the outset could well determine whether a company is successful or not.
What Is Business Intelligence?
Business intelligence, or BI, is a type of software that can harness the power of data within an organization. It offers a better way to sort, compare, and review data in order for companies to make smart decisions.
Companies adopting business intelligence solutions can turn business data into insights and take plausible action. These insights can help companies make strategic business decisions that increase productivity, improve revenues, and enhance growth.
What Is The Use Of BI In The Fintech Industry?
These BI technologies are designed to handle structured or unstructured data, in order to identify and develop new business opportunities. The question “what is the use of BI” can best be answered by its many functionalities and capabilities that include:
The cornerstone of BI is the discovery, interpretation and communication of relevant and useful patterns in data. Analytics may rely on descriptive, prescriptive and predictive approaches as well as statistics, computer programming and other methods to come up with meaningful data that can describe, predict, quantify and improve business performance.
One of the hallmarks of BI programs is the rich visualization of the resulting insights and reports after data has undergone analysis. These reports can be charts, graphs, presentations and infographics, all designed to provide the user with essential information that can be acted upon or decided on.
This combines data from various sources to identify significant events or things that happen across the organization. Whether they are threats or opportunities, it gives businesses the chance to respond accordingly.
BI supports data mining techniques in order to transform raw data into useful information. Oftentimes, BI programs source data from data warehouses which already store consolidated information. BI comes into focus on analyzing the data.
Special algorithms are applied to event logs recorded by an information system to identify trends and details in order to improve process efficiency.
Involves extracting pertinent patterns and deriving high-quality information from text sources which are then analyzed by a BI program.
BI applies this method to measure business performance through a specific indicator (time, quality or cost) the result of which is a performance metrics that are compared or benchmarked with the best practices of other companies or the level of standards in a certain industry.
The activities, especially in large businesses and organizations, involve large data that require collation, analysis and reporting, areas that BI programs are built to handle.
How Business Intelligence Can Help Your Fintech Business?
From glancing at the list of uses stated above, it’s clear that business intelligence can help tremendously with business processes.
The improved planning and analysis can be used to tighten processes, focus business operations, and use data to drive decision making.
More accurate data means better decisions. Accuracy also improves confidence in business forecasting. When you know that you can rely on your data, you can make better guesses about what the future of your business entails.
Improvements in the sales forecasting process also help companies with budgeting, marketing, and more. The more accurately you can forecast sales, the better you can plan your entire company budget.
And of course, improvements made to product offerings and prices aligned with the marketplace can help you sell more, which in turn improves revenues.
As you can see, adding business intelligence software to your company creates a positive ripple effect that spreads to all parts of the company. It’s not just about improving access to the data in your firm. It’s about using that data to improve profitability.
How Coruscate Can Help Your Business?
If your company is using systems for customer relations, project management, inventory management, data mining or any other business optimization apps, a BI platform is an important addition that can complement and support all your other tools to keep your business in tip-top shape. Let’s discuss and shape your thought or idea to make the most profitable and successful business.
FinTech app development: Develop True Balance Clone app for people having limited financial power and enjoy a large user base
Before 11 years, when the great recession wreaked havoc on the global economy, the trust was ruined and people wanted better options. The aftermath of this environment created a great…
On Demand Car Wash mobile app development tips : Incorporate these Features to your On-demand Car Wash App to Grow your Business
What started with Uber, has penetrated all industries known, including the food delivery apps and laundry services. It is gradually spreading into the lesser known industries as well, such as…
Planning to go for eWallet app development? Read this blog first to know must-have app features and cost to develop an eWallet app.
It has been more than 10 years since we have entered into digitization era. During these years, new startups and mobile apps have penetrated almost all industries, leaving a very…