New Tools Take Midsize Banks beyond Business Intelligence

"Business analytics today involves far more than reports and spreadsheets. But despite significant investments in business intelligence (BI) software, many midsize banks continue to operate with a limited set of analytic capabilities, focused largely on querying and reporting. These are useful processes but they’re tactically oriented, focused on what happened in the past and lacking a clear connection to the overall strategy and the objectives of the banking institution. This information remains necessary, but today it is no longer sufficient; midsize banks increasingly need to understand what’s happening right now and to be able to forecast what will happen in both the near future and the long term. They also need to provide information directly to customers through online banking on the Internet."