Beyond Reports and Spreadsheets
Business analytics today involves far more than reports and spreadsheets. But despite significant investments in business intelligence (BI) software, many banks continue to operate with a limited set of analytic capabilities, focused largely on querying and reporting. These are useful processes, but they are 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; banks increasingly need to understand what is 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.
Unfortunately, they are unlikely to be able to do so by relying on the scattered set of spreadsheets that according to our Analytics and Data benchmark research have highest level of importance in almost two-thirds of organizations (62%) in the banking industry. They need instead the modernization of business analytics, which can provide them with those capabilities efficiently and cost-effectively.