Business intelligence is no longer a strange phenomenon in the banking industry. It is a revolution that’s changing how banks perceive data and analytics. We’ll discuss the role of BI in banks in the modern-day scenario.

1. Is BI a Revolution in the
Banking Industry?
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2. Business intelligence is a set of technologies, processes, architectures that help collect,
clean, and convert raw data into meaningful and actionable insights. BI is a suite of
software applications and services used for transforming data into intelligence.
Business intelligence impacts the operational, strategic, and tactical decisions of an
establishment. BI tools are used to collect, clean, format, process, analyze, and
present data in real-time.
Applications such as Power BI, Tableau, Qlik, etc., are some well-known business
intelligence tools used by businesses from different industries. Power BI is the most
preferred tool in the banking industry.
What Is Business Intelligence?
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3. What to do?
Where to go?
How to achieve the goals?
What are customers thinking?
What do customers want?
Which financial products should you offer? And so on.
Business analytics help in understanding the bank’s data based on statistical models
and quantitative methods. Analytics can be used in various ways in the banking
industry. The core reason to use business analytics is to answer questions like:
Business analytics is a part of BI.
What Is Business Analytics in Banking?
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4. Consumer Trend Forecasting
Better Marketing Effectiveness
Data and Cybersecurity
Retain Customers
Calculating Credit Risk
Compliance Assurance
Real-Time Analytical Dashboards
How Is Business Intelligence Used in
Banking?
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5. It is an easy-to-use software application.
Power BI delivers results in real-time.
The tool is multi-device compatible.
You can integrate your applications, tools, and database on the cloud platform.
There’s no need to worry about missing links or lost information.
Power BI is not only an analytical tool but also a data visualization tool.
You can run advanced analytics using Power BI and discover new market
opportunities.
Power BI for Banking Analytics
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6. Read the full article
https://www.datatobiz.com/blog/bi-a-
revolution-in-the-banking-industry/
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