Keeping up with trends can be difficult, time consuming, and in most cases, expensive. Think back to your teenage years when you wouldn’t be caught dead without the correct designer logo on the back pocket of your acid washed jeans, hairstyle to match Rachel or Farrah, sheep-wool lined boots from Australia, or baggy harem warm up pants that made you “too legit to quit”. Two weeks later, they were already passed up because everyone else had them or some superstar was sporting a different article of clothing. Plus, you are reminded every time you open a search engine of what is trending that day.
No matter what industry you’re in, it seems like everyone is talking about Business intelligence (BI). Well, in the world of business intelligence, trends can truly be worth buying into as they can really make a difference in the success of your financial institution in the short and long term. Today, we’ll examine three trends in BI that your financial institution should know about and try to implement.Business intelligence is the practice of collecting, analyzing, and presenting business information, most commonly done through a technology platform or application. Widely available due to innovations in technology and automation on processes that used to be manual, these new efficiencies not only help decrease operational cost but provide the added benefit of data. With a system or platform tied to virtually every process at a bank or credit union this in result provides an abundance of data.
An abundance of data can be a terrifying thing for most people, especially if this includes Excel spreadsheets. Do not fear, great things are happening, especially for banks and credit unions.
Unstructured Data Management
For those of who don’t have the word analyst or data in our job title, unstructured data is terrifying. Especially if there is an abundance of data. Where do you start? How do you remain consistent? And how do you know if your insights are accurate and your finding are legitimate? If you’ve been shying away from BI because of this reason, now is the time to lean in and listen. There are tools available, specifically for the financial industries that can utilize the data in your loan and account origination systems to handle your unstructured data and help you analyze and develop outcomes.
Data Management UX
The UX of data management tools and software has improved tremendously within the last few years, and it’s not stopping anytime soon. These improvements give users the ability to customize their insights and leverage their own data in quick, easy, and efficient way.
Artificial Intelligence (AI)
For the next 10 years AI and deep learning will grow quickly and create a lot of efficiencies and opportunities. AI is can be commonly found within the underwriting process for banks and credit unions. This a great opportunity to implement smarter underwriting decisions that will examine a variety of factors and can more accurately evaluate traditional underserved borrowers.
Are these three trends easy to buy into? It depends on your intelligence strategy. But, they are definitely not short term in nature. If anything they just keep expanding and picking up steam. Your financial institution has an abundance of data and this data is the key to the growth of your organization. Data gives you the ability to make educated decisions, pinpoint specific reason for success or failure, and can reproduce your successful outcomes. To learn more about MLX Insights, our BI Services and how we can help make your bank or credit union consistently grow and improve, download our datasheet below.