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Business Intelligence – BI for Banking, BI for Insurance and Financial Services

Banking, financial services and insurance industries are sophisticated and complex. These industries are subject to significant regulation and they generate mountains of data. For the enterprise that participates in one or more of these markets, it can be difficult to stay abreast of changes in the market, changes in competition, and customer and regulatory changes.

Change is more rapid than ever before, and the enterprise that competes in these markets must find new and better ways to attract and retain clients and to ensure

compliance with industry and government regulations. Strict national and international governance and regulation, and merger and acquisition activities require dependable strategies to ensure legal and industry compliance.

The enterprise must also achieve an integrated view of data across all systems and data sources in order to provide up-to-date data for analysis and decisions. At the same time, these enterprises must focus on a secure transaction environment to ensure compliance and protect confidential and private data.

The business user must monitor product, transaction and fraud and risk data on a daily basis to leverage the full value of data, and capitalize on market opportunities. The identification and analysis of risk is crucial to the success of a financial industry enterprise. Users must have the ability to view and analyse data and to make swift corrections to strategy, processes and objectives with a full understanding of strategy, client portfolio, customer demographics, and current and planned profitability.

To be successful in this environment, an enterprise must establish and monitor appropriate key performance indicators (KPIs) and metrics, identify and support profitable customers, improve operations at the grass roots level and achieve true business intelligence to understand and improve portfolio performance and predict and forecast results based on trends and business patterns.

Business Intelligence Tool

BI for Banking

  • Financial and Operational Performance Management – Financial and Operational Performance Management and Analysis enables financial performance and allows the organisation to establish and meet goals and track progress using a large volume of information, integrated from numerous enterprise systems and sources. Banking professionals and stakeholders can monitor the financial health of the organisation with BI for Banking solution and create and share reports to comply with government and industry regulations
  • Customer Profitability Management – Customer Profitability Management and Analysis facilitates excellence in customer service and improves customer acquisition with targeted marketing and market research. Users can identify the most profitable customers and analyse buying behavior and preferences with BI for Banking solution

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Business Intelligence for Financial Services

  • Operational Reporting – Financial Services Operational Reporting enables the user to identify and focus on business factors that are in need of improvement or streamlining. Your enterprise can maximize operational efficiency and increase profit margins by establishing and cascading strategy, and monitoring operational and tactical performance and key performance indicators (KPIs) and metrics.
  • Consumer Credit Management – Consumer Credit Management and analysis facilitates centralized administration of all consumer information, with data integrated from various enterprise systems and sources. OLAP analysis and powerful forecasting and predictive analysis algorithms are designed for simplicity of use without the assistance of a programmer.

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BI for Insurance

  • Agent Performance Analysis – Agent performance analysis identifies cost saving opportunities and increases yield. Managers can quickly ascertain which agents have the highest customer retention rates and monitor actual results against plan
  • Claims Analysis – With BI for Insurance solution, ElegantJ BI, you can monitor claims results and look for trends and patterns to detect fraud and risk. Your users can establish automated alerts to notify them of specific issues so the user can take immediate action to resolve problems or determine the root cause before the enterprise misses targets
  • Actuarial and Risk Management – With BI for Insurance solution, actuarial and risk management analysis evaluates trends, identifies areas and markets where risk is increasing and enables swift risk analysis with robust reporting, charts, graphs, gauges, alerts and other tools to support decision-making and help the enterprise to mitigate risk

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ElegantJ BI for Banking, Financial Services and Insurance – Benefits at a Glance

  • Balance the risk involved with business and growth while maintaining regulatory compliance
  • Ensure regulatory, governmental and industry compliance
  • Leverage investments in existing resources and infrastructure by integrating data from existing sources
  • Produce BI Reports for management on performance, customer demographics and other factors
  • Analyse and act on customer business intelligence
  • Provide a 360° view of risk, customer profiles, products, services, regions, sales, marketing and other information
  • Enhance customer profitability, improve customer service and reduce operating costs and risk
  • Fulfill user needs for diverse views and perspectives and provide custom support for individual roles, functions and team activities
  • Boost revenue by identifying and cross selling products
  • Improve efficiency of the overall business process and the speed and confidence of decisions
  • Increase value of investment with full insight into costs, performance and risk
  • Assist in cost control, resource allocation and operational management
  • Ensure accurate, timely decision-making with granular, enterprise-wide information, graphical displays and personalised dashboards and alerts to provide up-to-date information and simple analysis
  • Identify and take corrective measures for inefficiencies, process issues, and under performance using powerful key performance indicators (KPIs) and metrics
  • Calculate and adapt pricing and strategies based on accurate forecasts and trends
  • Align performance with strategy and objectives and enforce accountability
  • Create a simple, intuitive reports, standardize portfolio and credit analysis; and achieve full insight into financial and operational results, claims adjustment and management, overhead costs and fraud and risk management

Learn More about the Benefits of BI for Banking
Learn More about the Benefits of BI for Financial Services
Learn More about the Benefits of BI for Insurance

ElegantJ BI Integrated Business Intelligence and Enterprise Reporting capabilities ensure comprehensive Corporate Performance Management, and provide business intelligence with simple, practical, affordable features and functionality. Our BI modules are relevant to all industries and functions and can be used by the average business user without the assistance of analysts, statistical experts or technical programmers. No matter the size of your organisation, ElegantJ BI solutions can satisfy your needs with flexible licensing and implementation options that include on premises implementation and hosted, Software as a Service (SaaS) implementation.

ElegantJ BI solutions provide a single source, integrated view of enterprise data from numerous sources and enable every user to build views, balanced scorecards, dashboards and key performance indicators (KPIs) to satisfy the needs of their role, department and function, so every user is engaged in the pursuit of strategic, operational and tactical goals and can provide appropriate support for continued success in acquiring new clients and in retaining existing clients and selling new products and services.

If you need rich, intuitive BI for Banking and BI for Insurance solutions, coupled with robust CPM features, we encourage you to contact us today to discuss your unique requirements and get started with the ElegantJ BI solution suite. Email us at sales@ElegantJBI.com

Business Intelligence Video

Region Sales Performance Analysis

Business Intelligence Video – Region Sales Performance Analysis

Browse through our online video library to learn more about ElegantJ BI solutions. You will find valuable information about BI and how it can help you to be more productive and efficient, and the various ways in which our solutions can help you to achieve true BI. Explore the powerful world of Business Intelligence and find out how we can help you achieve your vision and stay on target to business success!

Business Intelligence White Papers

Business Intelligence Tool for Middle Management – White Paper

Other Available BI White Papers

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Business Intelligence Case Study

Customer Success Story

Business Intelligence Tool – Case Study

The client is a leading financial securities firm, and a respected corporate member of the National Stock Exchange (NSE) of India. Read full story »