Business Intelligence in Retail Banking (Market Focus): Industry Report

Business Intelligence in Retail Banking (Market Focus)

Product Type: Market Research Report
Published by: Datamonitor
Published: December 2007
Product Code: R313-29391

Description

Introduction

Growth of data volumes in disparate sources, ongoing regulatory changes and growing technology capabilities are driving financial services organizations to increase investment in business intelligence technologies. Banks must align intelligent technology with data management techniques in order to improve their decision-making processes.

Scope

Covers the European, North American, Asia-Pacific and Middle East business intelligence in retail banking segment. Areas covered include the competitive and regulatory environment, as well as the need for stronger management.

Highlights

Datamonitor believes that an effective compliance solution requires a strategic investment in infrastructure that embraces assimilating business intelligence with advanced analytic tools for risk modeling and other key technologies, such as business process, change and content management. Using business intelligence capabilities, a financial services institution is able to translate customer information into easy and functional selling advice for the front office staff or automated self-service channels. Business managers need to respond to new and changing business challenges, such as fraud occurrence, compliance error, higher risk transaction or marketing campaigns from competitors. In order to maximize opportunities and minimize threats, managers must be able to identify, monitor and analyze main 'pain points' of the business process.

Reasons to Purchase

Gain visibility into the dynamics of the retail banking business intelligence market. Gain market insight to assist in your strategic planning and go-to-market strategy.

Table of Contents

DATAMONITOR VIEW
CATALYST
SUMMARY
ANALYSIS: Compliance requirement is keeping focus squarely on reporting and monitoring functionality; Need to retain accurate customer records and full transaction details; Pressure to implement advanced monitoring and measurement systems; Lack of comprehensive compliance strategy deteriorates the enterprise-wide visibility; Sales and service effectiveness requires ability to predict customer requirements as well as fully understand customer relationship; Greater customer understanding requires detailed segmentation and analysis; Sales forces need to be able to offer a quicker and more accurate decision making process than its competition; Predictive bank to customer relationship entails coherent data for accurate and full customer analysis; Strong management necessitates deep insight and control of banking operations; Improved business agility requires constant monitoring; Access to precise and reliable information enables accurate decision making processes; Banks must closer control their business relationships
APPENDIX: Definitions; Methodology; Further reading; Ask the analyst; Datamonitor consulting; Disclaimer
List of Figures: Figure 1: What compliance and regulatory issues are driving increased IT expenditure in 2007?; Figure 2: Banks progressing towards a data driven customer service

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