“Follow the money!” describes the financial services industry. After all, financial services, as an industry is all about money. It includes banking (savings and loans, commercial banks, mortgage banks, credit unions), securities and exchanges (brokerages, investment banks, investment advisors) and international finance (currency exchange, foreign investment).
With increasing competition, consolidation and global expansion, the financial services landscape has been changing at a dizzying pace. Industry consolidation has reduced the number of players in the market but deepened the capabilities of those remaining, making it more important than ever for firms to differentiate themselves in the market. As companies merge, there is a critical need to integrate data from disparate sources and systems. Combined with increased regulation and consumers that are less loyal to products that they view as commodities, financial services firms are experiencing increased operational pressures.
Customers want efficient, inexpensive, personalized services available through a variety of channels. New regulations require frequent, accurate financial compliance reports and diligent monitoring for illegal activity. Financial services institutions are striving to meet these demands and balance them with increasing costs, tighter budgets and controlled risk.
Success is possible for companies that can make sense of the vast quantities of data at their disposal. With BI Consulting Group’s business intelligence (BI) solutions, forward-looking financial institutions can benefit from accurate and timely information to maximize profitability and manage risk, thus achieving greater shareholder value and competitive advantage.
BI Consulting Group’s consultants can develop and implement robust BI strategies and applications that will allow your organization to efficiently combine, store and analyze its key business data. We have extensive experience in meeting the financial business intelligence and data warehousing (DW) needs of financial institutions in the following areas:
- Risk Mitigation– From complying with the latest legislation to implementing an enterprise risk management program, GI Consulting Group has helped customers leverage BI tool infrastructures and DW implementations to control risk across the organization.
- Customer Analytics– Because they offer customers multiple products and services, financial services companies can use BI to gain a comprehensive view of customers, and thus be able to develop and implement more effective strategies for cross-selling and customer retention.
- Fraud Management– BI Consulting Group has helped financial services companies manage the constant threat of fraud by implementing BI solutions to measure the effectiveness of their fraud management systems.
- Integration Strategies– Through mergers, acquisitions and re-organizations, financial services organizations continually change and evolve. Our organization has helped financial institutions design and leverage BI and data warehouse infrastructures that can not only meet today’s data challenges, but also quickly adapt to change.
- Campaign Performance Management-Consultants at BI Consulting Group can design BI solutions that gather and maintain all the vital information about the creation and execution of marketing campaigns in a sound monitoring structure, including reporting tools and dashboards that provide relevant performance metrics.
- Enterprise-level Reporting and Monitoring– We have developed strategies for institutionalizing BI practices across the entire financial services organization, ensuring both adequate security and scalability.
- Strategy-based Business Intelligence– We generally start by helping customers identify which specific data they need to support business needs, whether it’s implementing new segmentation strategies, exploit market opportunities or other goals. Then we build leading-edge BI capabilities to effectively capture and make that data available in real time.
- Reduce costs with better expense management
- Increase effectiveness of risk and compliance initiatives
- Empower sales and marketing to better analyze customers
- Discover and capitalize on new business opportunities
- Gain visibility into transactions and optimize processing life cycles
- Maximize investment returns and portfolio performance
- Reduce operational costs and streamline processes
Our solutions empower financial services executives to make better and informed decisions by unlocking the value of their business intelligence. To learn more about, how we have overcome BI challenges in different organizations, please contact us.