Financial Services has been long using the power of data to drive business processes. Along with ICT and Media, it has been leading the adoption of digital technology and will continue to do that in the coming years. An Allied Market Research reports that the global digital transformation in the BFSI industry will reach $164.08 billion by 2027, a more than triple-fold increase from $52.44 billion generated in 2019. North America held almost 40% of the share in 2019 and is expected to continue as the dominant market-share holder by 2027 too. Increased penetration in Asian markets is the other big geographical influencer behind this growth.
A multitude of factors can be listed as the key factors behind the growing adoption of digital technology in the Financial Services industry. Currently, we can identify some of these as the rise in the provision of digital services due to the pandemic, digital security & privacy concerns making organizations adopt protective technology, and the growing use of AI and Machine Learning to extract the best possible conclusions from the hoard to datasets that companies usually possess.
The third factor is our topic of discussion today.
What is the impact of AI-ML tools on decision-making? To make it more specific, what is the impact that self-service BI Tools create in the intelligence ecosystem of the Financial Services industry? What and how efficient are self-service BI tools, and do they help in market intelligence reporting automation?
We are sure your interest is peaked. Let’s decode everything systematically:
Market Intelligence Reporting & Its Relation With Business Intelligence
Market Intelligence Reporting is knowing what is going on outside of your organization in terms of multiple parameters such as how the market is performing, what your customers are doing, and what your competition is up to. For example, the Sales and Marketing functions can obtain customer data in terms of their demographics, geographical residence, buying patterns, and other key indicators.
Market Intelligence is broader than and precedes BI - Business Intelligence, wherein an organization absorbs market intelligence and decides what they as a company are going to do with it. Market Intelligence Reporting covers the whole spectrum; BI is specific to your business. Market Intelligence Reporting and Strategic Intelligence Reporting are essentially the same, on account of the market information being used strategically by businesses.
Are Traditional BI Tools Automating Your Market Intelligence Reporting?
Almost all companies in the Financial Services sector use some or the other tool to automate their intelligence reporting process. While Excel Spreadsheets constitute the most basic ones, they are hardly suitable for advanced times such as these. Others still go for traditional BI Tools which, while better than Excel, still pose many issues. The need for data experts throughout the reporting process is one glaring highlight. It doesn’t bode well for business managers and decision-makers to be dependent on the technology team to unpack every little detail from data. And this not to mention that conclusions from the data itself have been manually extracted and are thus both incomplete and error-prone.
So while efforts are being made at automation, there’s still heavy manual handling of data in Excel and traditional BI Tools. Banks, lending institutions, insurance firms, tax & accounting, and other financial business services need advanced technological solutions to perform and maximize profitability.
How Can Self-Service BI Tools Make A Difference In Market Intelligence Reporting?
Self-service BI Tools are advanced data-to-language conversion tools that offer, among a multiplicity, one very clear benefit: it enables anyone to derive conclusions from data regardless of their technical proficiency level. Thus the name ‘self-service’. Total market intelligence inputs are sorted into pre-defined customizable KPIs and then presented in an extremely clear dashboard that displays actionable and relevant conclusions extracted automatically by the self-service BI software.
Speed and accuracy are off the charts now, and errors are a thing of the past. What’s more, the self-service BI tool will scan the data at a much deeper level and fetch you insights from data that were hidden to manual analysis.
The purpose of obtaining market intelligence and creating market intelligence reports is to enhance your business intelligence and decision-making. Self-service BI tools can help financial service providers expand their offerings, discover unexplored markets, become more efficient with campaigns, and deliver a more positive and impactful customer experience.
Phrazor’s Ready-To-Use Report Templates
Phrazor by vPhrase Analytics Pvt Ltd is one such self-service BI tool that gives you intel, analysis, tracking, and monitoring on your growth drivers thus opening up new growth avenues - all in an automated narrative dashboard format. The vPhrase team has developed ready-to-use report templates for the financial services industry within the Phrazor ecosystem. For example, this Market Intelligence Report template for the insurance sector is a hands-on asset for carrying out performance analysis, pattern & trend identification, and more. Phrazor has an abundance of other readymade report templates to aid final decision-making as well.
Our claims regarding Phrazor’s performance are evidenced by global financial market giants like Barclays, Olam, ABB, Sanofi, Abbott, Fidelity, and many others availing our services.
It’s Time To Adopt A Self-Service BI Tool For Market & Business Intelligence Reporting
Data surrounds the financial services industry. The need is for technology that derives intelligence out of data. Phrazor’s AI capabilities understand the factors that impact your industry and business, and automatically give you rich insights so management can make real-time decisions based on hard data, without any dependencies. Its query feature also gives you the advantage of asking relevant questions about the data and receiving instant replies.
Connect with our solutions experts for a free trial, and we’ll demonstrate how the Phrazor solution is applicable in your context.
Akanksha Ramchandani has worked in IT industry as Developer, Project Lead, Strategy Lead, and Solutions Consultant for over a decade. She understands the requirement and problems of the clients and delivers a tailor-made solution. Currently, she is looking to help fortune 500 companies in changing the way they look at data and automating their reporting by using vPhrase's AI product.