Early implementation of Business Intelligence and advanced analytical capabilities, like embedded analytics, can have a significant influence on the future success of your fintech business.
With real-time, data-driven insights, you can make strategic business decisions that increase productivity, improve revenue and support growth.
How you process and leverage data to answer burning strategic questions is key. But for this, you need the right software.
Let’s take a look at the top Business Intelligence software features that are invaluable for fintech growth.
But before we dive in, let’s define what BI technology is so you can determine if it’s the right fit for your company.
Quick definition: What is BI software?
Business Intelligence software makes data analytics simple. Pulling together large volumes of unstructured data from multiple internal and external sources, BI software allows you to create one hub for data — no matter what the format: documents, images,
videos, journals and more.
Then once the data has been gathered, the real magic happens.
BI software then enables you to present data in reports, dashboards, and visualisation charts. The insight output from this can be used by fintechs to improve decision-making, bolster employee productivity and support innovation — for example, by helping
identify new market trends.
3 top BI features you need for fintech growth
#1: BI dashboards
Dashboards make it into our top three features for one simple reason: They allow multiple sources of data to be viewed in one location.
Collected via artificial intelligence (AI), data is automatically collected and shown in an easy-to-understand and interpret format.
The benefits? Here are just a handful of reasons fintechs use BI dashboards:
Time saver: You don’t have to spend hours hunting for vital company information across different systems as everything will be readily available.
Greater visibility: Users have quick access to the data they need, enabling businesses to stay ahead of the latest industry trends.
Insight into KPIs: As BI dashboards source data from multiple areas, users can have a better overview of current KPIs and see if anything needs to be changed from a business perspective.
Efficient embedding: Businesses can embed the technology into existing software for greater efficiency.
Self-service: Another benefit is that the intuitive nature of dashboards means users can build their own and customise them to specific preferences.
Reporting makes it into our top three features because it quickly allows you to see the best and worst performing part of your fintech business… Down to even product or marketing campaign performance.
There are several types of reporting on BI platforms, including ranking, interactive, and ad-hoc requests. Interactive reports are key for fintechs as they help to condense a vast quantity of information into a range of possible views.
Here are some of the key reasons fintechs benefit from BI reporting:
Fast notifications: Built-in machine learning enables key team members to be alerted to any specific changes. This means they are in a stronger position to pivot if necessary.
See data in real-time: Reports can be automatically scheduled so you have the most up-to-date information as soon as you need it.
Ease of use: BI reporting tools are extremely versatile, meaning users don’t need a technical background to create a report.
Personalisation: All reports are highly customisable and they can be distributed in any format.
Different levels of access: Security measures can be put in with certain reports to ensure that only the right team members have access and there are no data breaches.
#3: Predictive analytics
This one is a game-changer. For fintechs wanting to get ahead of the competition, ideally, you need predictive analytics plugged into your BI.
Much like it says on the tin, predictive analytics enables you to predict what will happen in the future.
Using historical data and AI and machine learning techniques, a maths-based model considers patterns and trends and then applies this to current data to see what could happen next. This can be ideal for detecting fraud, highlight at-risk loans, and monitoring
Then, once you’ve established the right controls and parameters for your models, you can train the software to continually grow and look to the future.
Here are just a few more key benefits of predictive analytics:
Intuitive model: Predictive analytics is a scalable data model solution that doesn’t require an education in data science to understand it.
Self-service: The data model can be understood by everyone, and a self-service structure can be created for unlocking insights with machine learning.
Automation: With predictive analytics, companies can automate decision making to reduce human involvement and save time.
Whilst different businesses will need a variety of business intelligence features, the best solutions will focus on core features like dashboards, visualisations, reporting and data integration.
What’s more, having access to data reports in one place is crucial. After all, if it’s difficult to access and not self-serving, it’s highly likely it won’t get used for business intelligence.
If growing your fintech is high on the agenda, look out for solutions that can grow with you. You want to look for tools that can include predictive analytics, mobile business intelligence and more.