https://www.datatobiz.com/blog/power-bi-for-banking/ Power BI is a product by Microsoft developed to help with business analytics. Power BI is an effective tool for banks to track KPIs and streamline their services. This blog elaborates on the role of Power BI in the banking industry. Let’s see how consultants help banks use Power BI. With the various technology solutions available and implemented in the banking industry, a lot of staple tasks are already eased with them. Banks are always bustling with activity. Customers come to deposit money, withdraw money, apply for loans, and so on. The multitudes of transactions per day are a part of the process. The yearly balance sheet with profit and loss is one way to measure a bank’s success. However, it’s not enough. Banks need to know what and how their customers feel. How is the bank’s performance when measured against the KPIs? Are the procedures easy for customers to follow? How can a bank identify where the problem lies? Business analytics is the answer to these questions. Power BI is an effective data analysis tool developed by Microsoft. Banks can collect data from multiple sources and measure their performance using a single platform. Power BI consulting partners assist banks in using this effective tool to track KPIs and analyze the success of their financial operations.

1. Power BI for
Banking
www.datatobiz.com
Dashboard to Analyze
Financial Operations

2. What is Power BI?
Power BI Desktop- A desktop application with a dashboard to measure and track
KPIs
Power BI Service- An online SaaS solution used through the cloud platforms
Power BI Mobile- Apps used on mobile phones (Windows, iOS, and Android) to
access data from any location
Power BI is a collection of software, apps, and connectors that gather data from
multiple sources, convert it to a readable format and derive insights through data
analysis. The insights help make the right decisions to boost the business and
increase customer satisfaction.
It is a well-known product of Microsoft and has three major components:

3. WHY SHOULD BANKS
CONSIDER POWER BI?

4. Gathering data from databases like Excel, Azure, etc.
Turning raw data into meaningful insights
Removing duplicate data
Generate visual/ graphical reports
Publish and share reports with ease
Get data analytics in real-time
Data security compliance for extra protection
Power BI is not limited to data analytics. It is also a data visualization tool that generates
customized reports for the given information. Data is collected, processed, and monitored
in real-time. Power BI can help banks track the profitability ratio of customers, products,
and services, as well as the branch’s performance against all KPIs (Key Performance
Indicators).
Business enterprises and banks use Power BI to access the latest insights and get a
complete perspective of their operations. The Power BI banking dashboard gives banking
professionals a deeper and better understanding of their services and customers’
response to the services.
Power BI is mainly used for the following:

5. HOW TO USE POWER BI
FOR BANKING?

6. A banking dashboard is a business intelligence tool where data collected from multiple
systems across the bank is presented on a single platform. The employees and
management can access all information through the dashboard. From customers’
accounts to loans, deposits, and defaulters, the analytics dashboard shares the overall
picture of the bank in real-time.
Power BI is indeed a powerful tool for developing the banking dashboard to track the
firm’s performance based on factors such as customer trends, new process results,
financial operations, and so on. The dashboard has various elements, ranging from KPIs
assigned, KPIs comparison, customer acquisition ratio, etc. Banks can add or delete
elements in the dashboard to customize as per their requirements.
Power BI is used in the banking industry to create the dashboard to manage data and
derive insights. The BI tool gathers data from the given sources and analyzes them to
share the comparisons and insights on the dashboard. Banking professionals can
measure how well the bank is delivering the expected results and identify the areas for
improvement.

7. TIPS FOR A SUCCESSFUL
POWER BI
IMPLEMENTATION

8. Have a proper data analytics strategy. The strategy should connect and align the
bank’s vision with the operations and long-term goals.
Define the scope of the implementation but keep it flexible enough to make
changes.
Streamline the process of data extraction, identifying patterns, and using the
information to achieve targets at all levels.
Hire a trusted solution provider or Power BI partner to start the process.
Create a roadmap for implementation and set realistic goals.
Customize the dashboard based on the bank’s specifications and customers’
requirements.
Monitor and track the performance using real-time analytics provided by Power BI.
Make necessary changes to the dashboard to get better insights.
Power BI in the banking industry is no longer a theory. Many banks have successfully
integrated Power BI into the existing systems.

9. Read more about the Benefits of
Power BI for Banks
https://www.datatobiz.com/blog/power-bi-for-banking/