How your data can create business opportunities in banking
By InterSystems
Data has quickly become one of the most valuable resources when it comes to successful business expansion. To provide customised solutions, it’s key for banks to develop strategies that use customer data. This approach is also an efficient way to identify new revenue streams and to stay relevant.
When it comes to Australian banking data, we’ve noticed that most information is split into separated data siloes. This presents a major issue because your data is harder to understand and slower to adapt. It also makes it more costly and difficult to manage.
To mitigate business risks caused by disparate data streams, and improve the opportunity to capitalise on live data insights, banks should focus on achieving a complete 360-degree view of their business and customer information. Having a 360-degree view of your customers, for example, provides a crystal clear picture that lets the organisation more easily formulate actions to drive loyalty that ultimately grows revenue, and profit. When your team can easily access actionable information from every customer touchpoint, they can design and deliver highly personalised experiences that increase customer satisfaction and retention.
The way to achieve this is through secure, high-performance data management solutions that can scale at speed as the bank needs. By implementing a data platform that gives a 360-degree view of the business, banks can:
- provide business users with access to live data on demand, integrated from multiple applications
- access transactional data in real time
- eliminate latency from source systems
- support business user self-service analytics
- automate the creation of reports, which reduces the time, resources and risk of errors associated with manual reporting.
Having a more complete view of data benefits your business, your customers, and the institutions you work with. There are a few ways that high-performance data management can help transform your banking business.
- Better decision-making using live data
Real-time transactional data can reduce delays in accessing information from data siloes and applications. By using live data, banking leaders can make better decisions because the data is more accurate and current, eliminating errors and missed opportunities.
- Diversified data for improved insights
By incorporating more diverse data from additional sources, banks have a more comprehensive and complete picture of their business. They immediately benefit from having more insightful analytics in real time and across every aspect of the organisation.
- Operational efficiencies
Organisations can use advanced analytics such as machine learning (ML), business rules and intelligence, natural language processing (NLP), and predictive models, to streamline operations. This increases efficiency and paves the way for faster business growth.
- Self-service for business users
A feature-rich self-service dashboard offers many more benefits than a static system. It lets business users explore their data, closely, which frees up resources because the IT team isn’t relied upon to extract data and run reports.
By offering a complete view of your business and its customers, high-performance data management can help you to reshape your market strategy and transform your banking business. Having this data-led capability is the key to ensuring your bank stays ahead of the competition and remains relevant in an increasingly digital world.
