AWARE: Centralized Data Analytics and Actionable Insights at your Bank or Credit Union
In a world with more questions than answers, financial institutions (FIs) must track and understand consumer data essential for business intelligence (BI) and a sustainable future. Banks and credit unions equipped with powerful insights concerning account holder activities and patterns are well-poised to understand, nurture, and evolve within the ecosystems in which they participate.
Measuring this data, however, is often problematic. Identifying and implementing the proper resources, including software, digital tools, and an IT department for support and administration, takes ample time and significant overhead. What’s more, the sheer volume of organizational data is overwhelming, often unstructured, in multiple formats from varying sources, and not available across the enterprise, but instead by department.
Isolated data silos lay idle, dwelling within the confines of a single department separate from the rest of the organization. Countering the notion of accessibility, trapped information hampers the free flow of enterprise-wide knowledge. For banks and credit unions, the ability to implement BI is pivotal to eliminate data silos and create a unified source of information that supports crucial business decisions, better understands trends, mitigates risk, and implements predictive analytics.
Lasting, Sustainable Success Starts with Business Intelligence (BI)
Business intelligence is the art of transforming data into easy-to-understand visualizations, helping financial institutions uncover powerful, actionable insights. BI leverages software, services and tools, like reporting dashboards, or hosted software applications, to pull data together intelligently within a central platform. There, information is viewable and reportable in clean, user-friendly formats, such as charts and graphs for immediate access.
Since retaining customers or members is key for sustainable success, BI tools may be considered an FIs greatest asset to stay ahead of the competition and keep account holders engaged through personalized services and messages. With up-to-date, real-time account holder information in a centralized platform, BI helps banks and credit unions launch advanced projects and offerings based on behavioral trends and key performance indicators.
BI can also be leveraged to understand which products may need to be enhanced and which can be retired based on usage or even call-center questions. What’s more, optimizing the customer or member journey relies on exploiting data to find unique ways to delight users, detect dissatisfaction, and create new products based on account holder insights. With actionable intelligence, FIs can expand user engagement, boost personalization and stimulate cross-selling efforts.
Maximize Operational Efficiencies, Employee Experiences, and Fraud Detection
When data is readily available and shareable across the FI or channel via aggregation, interpretation, visualization tools, and customizable dashboards, planning improves from ideation to execution. Capable of illuminating areas to cut costs, maximize operational efficiencies, detect fraud, and reduce risk, BI fosters a culture that fully leverages organizational intelligence to assess the efficiency of internal operations.
Predictive analytics and deep search capabilities simultaneously empower each staff member at every level of the financial institution with actionable intelligence needed to answer questions or solve problems. Executives and branch managers alike can quickly find up-to-date fraud statistics, deposit volumes by channel or location, performance analytics of acquisition devices, and other data points critical to the organization.
In addition to improving customer experiences at the point-of-contact with BI, customer- or member-facing employees, such as sales personnel, tellers, and account managers, can discover ways to enhance their own workflows. The branch manager, for example, can use BI to detect where the most remote deposits are coming from. An FI’s regional manager may utilize BI to gauge performance, ensuring goals are met. Or, a bank or credit union’s chief technology officer may wish to gauge how fast services are running, identifying where speed is optimal, or if any corrective action is needed.
Risk mitigation is simple yet vigorous with centralized data analytics. BI helps to mitigate risk and ensures compliance by putting data into action to track behaviors and quickly detect suspicious activities. Regional assessments can be performed to see when, where and how fraud takes place, discerning areas where fraud is most prevalent. This serves as a baseline for comprehensive, strategic planning to strengthen security and sustainability.
Own your Data with AWARE
The right BI software offers comprehensive business intelligence capabilities that exceed the expectations of employees, customers, and members alike. Adopting BI solutions provides products and services that meet real customer needs, increases operational efficiency, enhances fraud detection positions FIS for better growth, profitability and competitiveness.
Alogent leverages best practices with AWARE, a data reporting and visualization platform to integrate and visualize valuable data assets effectively, across the institution, and all channels. AWARE is configurable, scalable, and supports the continuously evolving data needs of banks and credit unions of all sizes. By aggregating data captured through all acquisition points, consolidating, interpreting, and presenting trends in a centralized dashboard, AWARE transforms otherwise idle information into your financial institution’s greatest resource.
Learn more about the benefits of AWARE for your institution. Click here for an eBook.
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