- How can my bank respond to the unprecedented competitive and economic environment of today?
- How can my bank deal with the complexity of operations and regulations that this dynamic global business environment has brought about?
- How can my bank deal with the complexity of technology, which once seemed like a panacea, but has now turned into a management headache?
Managing BI complexity
Posted in Business Intelligence
Tagged Banking, BI, BI complexity, Business Intelligence, Decision making, Technology
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Challenge of regulatory reporting in banks: A case for automating dataflow
MIS departments of banks invest substantial effort in complying with regulatory reporting requirements. This effort is a result of challenges faced by the MIS teams at all levels of reports generation process. This paper discusses the key challenges faced by MIS teams in meeting the regulatory reporting needs and examines the case for an automated data flow from the bank’s source systems to the regulatory bodies.
Customer Lifecycle Management
“Be dramatically willing to focus on the customer at all costs, even at the cost of obsoleting your own stuff.”
- Scott Cook
This is a telling statement of today’s marketplace, which has shifted to a ‘relationship’ economy – one where competitive advantage is measured by a company’s willingness to go the extra mile to fulfill a customer’s need. This is simply because customers think about themselves and how a product or service can solve their most pressing problems. Given this environment, sometimes even tiny differences in customer fulfillment can tilt the balance in favour of a competitor.
Mastering the 4 Rs of banking
The ability of banks to gain insights from vast amounts of constantly changing data is a key concern to ensure profitable growth. For any large bank which has a few thousand branches, the customer offerings are varied and customers themselves are spread across various demographic segments and geographical regions. Banks are time-constrained to go through the nitty-gritties but realize the need for a holistic view of performance across multiple aspects and in comparison to competition.
Enabling Strategic Decision Making: The role of Decision Support Systems in banks
Two friends hiking in a forest suddenly spot a tiger. One of them quickly reaches into his backpack and takes out his running shoes. His puzzled pal asks, ‘Do you really think those are going to make you run faster than the tiger?’ ‘I don’t have to run faster than the tiger’, says the first guy, tightening his laces, ‘I just have to run faster than you!’
Posted in Business Intelligence
Tagged Banking, BI, Business Intelligence, Decision support system, DSS, Technology
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An enterprise-wide BI strategy to usher better customer-centricity in banks
Customer centricity is the ability to organize resources, capital, products, services and investments to best serve a customer across the customer life cycle.
The retail banking industry has become highly competitive and commoditised. To succeed, banks must position customer centricity as a core value across their people, processes and systems. Today’s hyper dynamic business environment in the banking sector is making banks revisit their customer centricity strategies.