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While the banking industry has always been busy with several players competing against each other, the rise of fintech has made the competition even fiercer. Against the backdrop of the widening impact of fintech, governments and regulatory bodies are introducing new compliance mandates to keep the users and the citizens from the harm’s way, which in turn is putting banks under immense pressure to meet the necessary guidelines and stay competitive. Companies providing business intelligence (BI) solutions to the banking industry have to keep their eyes and ears on the ground to fully comprehend the challenges faced by the banks and help them overcome the complexity and remain profitable. In a nutshell, need of the hour is for smart BI solutions to assist banks in transitioning to digital technologies and making better financial and operational decisions.
However, as most BI solutions don’t cover everything thing from data storage to data interpretation, the trend is to implement a BI solution that has multi-dimensionality toolkit utilized by business analysts in banks. Another aspect of BI that’s bringing the wave of innovation in the banking arena is Artificial Intelligence (AI). Often banks introduce risk by on-boarding a new toolkit, but with AI in place the technical issues can be minimized. In addition, AI brings the advantage of efficient cost-benefit analysis. There are varied technologies that can be incorporated to strengthen the potential of BI as there is no one specialized tool suitable in the current industry scenario. But to employ BI, banks need to have a robust API and backend flexibility to support growing banking operations or emerging technologies.