Business Intelligence tools are essential to professionals in the finance industry. With the increased reliance on real-time data, and the need for at-a-glance insights to keep businesses competitive, business intelligence is going to continue to be vitally important to finance professionals in 2020 and beyond.
Cybersecurity is a major concern for the finance sector, and having a secured intelligence platform helps to mitigate data security issues. Financial data has a lot of regulatory and privacy oversight. Data like credit cards, credit history, accounts, etc. are very sensitive.
Data Governance is thus very important. Rules to limit data at a granular level (based on the user who is accessing the data) becomes critical to any financial analytics platform. There are various scenarios for securing data. Not only by the resources available but also with the dynamic visualizations that show selective information (like personal financial statements, portfolios, and regulatory forms).
It is essential to be able to secure data at a record level, as well as field level, to ensure that the user requesting the information only sees what they are authorized to see.
Investment portfolios are becoming increasingly complex. A business intelligence tool that allows finance professionals to tailor their reporting (everything from a corporate pension plan to a diversified trust fund) allows for less worry and opens time for other initiatives, such as spending more time strategizing and achieving ROI goals.
While finance is a highly regulated industry and has a lot of standardized reports and dashboards, there is always a need for tweaking and changing these reports, letters, forms, prospectuses, and dashboards. Many times, these changes take a lot of effort and time from IT and BI teams (which can mean a slow response and decision process in a fast-moving industry). Self-service BI helps to make quick changes to existing reports and dashboards by the business users directly. They do not need to have a high technical knowledge; they just need to know their everyday business needs. Business users may also need to create new letters, certificates, gather data and visualizations for financial presentations, and more.
Depending on an IT team for every time you need something can be annoyingly slow within an average organization. Secured self-service means the middleman is cut out from the equation and business users are able to work with the data in the manner they need, with tools that are easy to use and provide the flexibility and interactivity they need to make quick decisions.
Money never sleeps. An effective reporting tool is the one that gives accurate, up-to-the-minute, insights that are actionable to users at different levels of the financial organization. Data in the finance industry is very volatile. Whether it is the movement of stock positions or tracking revenue, the more current the data is the more accurate the decisions can be. The data is also very distributed, and many times takes an ETL process (Data Transformation) for deriving the metrics to be used by the business for dashboards and reports. A fast performant system with real-time data can help reduce the time for processing and accessing the data directly, thus reducing the “time to screen” for the metrics and KPIs.
In the finance industry, an informed customer is a happy customer. Simplifying complex financial models and outcomes with straightforward reports and dashboards allow finance industry professionals to build credibility and trust with their client base quickly. Each customer has a different understanding and expectation of numbers. Customer centricity in the finance industry is the ability to explain the complex financial models in a way that the individual customer can understand the results and trends to make informed financial decisions. The ability to tweak and modify reports and dashboards easily for each customer helps finance professionals explain outcomes in order to effectively plan for the future.
A full-service BI tool for the financial industry means that everyone from the CFO to a Junior Analyst can report on, and utilize the data (that is the most important to their job function). Effective data governance makes data much more useful for the finance industry. The financial industry is unique in the amount and the importance of the veracity of the data. Each bit of data can be interpreted in various methods (and be a part of different calculations resulting in potentially completely different results). Building trust in your data is tremendously important to ensure that the BI tools use the correct interpretation of the information available. Collaboration within a BI toolset also allows for effectively communicating data with the same interpretation across the organization. This means that everyone seeing the information in the same light, and therefore, will have the same understanding of the truth.
Finance is an industry of numbers. If the numbers are not accurate and trustworthy, an organization can be spinning its wheels and not moving forward. Governed data sources allow users to use the same numbers with predetermined metadata in a secured environment to derive a shared understanding of the numbers, furthering the ability for the business to make informed strategic decisions.
The finance industry will continue to evolve every year. Using reporting tools that will continuously adapt to the changing needs of the financial market will allow users to navigate these changes in stride.
If you need a solution capable of visualizing trends, financial risk management, wealth management analytics, and more, we recommend you try out Wyn Enterprise. It gives users the ability to identify patterns in data to predict future trends and drive strategic fiscal decisions.
Are you interested in implementing an advanced BI system into your business?
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