In the world of fast-growing technology, Business Intelligence plays an increasingly more critical role for businesses across the globe and industries in order to transform their data into information and further into knowledge. For the leaders, Business Intelligence is a key to finding amazing business trends and in-depth insights into what’s happening inside their organization for effective and efficient business decision-making. The ability of BI solutions to identify growth opportunities, produce real-time insights, and agile decisions for competitive advantage are driving the adoption of BI solutions for small to large size organizations globally.
The global business intelligence market will grow to $33.3 billion by 2025. – MarketsandMarkets
This upsurge in BI solutions across the globe and industries has triggered the need to secure a competitive advantage for FinTech innovators more than ever. The global Fintech market value is expected to reach $309.98 billion at a CAGR of 24.8% through 2022. Unlike other industries, FinTech is a global industry with fierce competition and it is vital for businesses to stay ahead with an effective BI strategy. Today, FinTech organizations are finding effective ways to track user behavior and the performance of their services to strengthen competitive advantage and drive both innovation and value creation. For modern leaders in FinTech industry, properly applied business intelligence solution creates the chance to gain control over unmatched insight and information driving all areas of business.
In this article, we will talk about the benefits of Business Intelligence for FinTech organizations and why it’s the right time to emphasize on impeccable BI solution for FinTech leaders:
Business Intelligence helps in monitoring user behavior
An appropriate BI solution can help your organization monitor user behavior and make the right decisions for investments. This can also help to assist in the decision-making process to design useful strategies for your business. Properly executed BI solutions even can help to disrupt investments by leveraging the true power of Business Intelligence. Business intelligence empowers FinTech organizations to understand their customers’ needs in a better way.
Uncovering market trends
With BI solution, FinTech organizations can keep up with industry trends and constantly learn new tools with ease to make the right investment decisions. Business Intelligence will enable a wider variety of things to work and experiment with FinTech innovators to help them generate new revenue streams by eliminating wrong and improper business decisions.
Improved security with Business Intelligence
Fintech organizations are highly dependent on improving the security of their data. Business Intelligence plays an important role in strengthening security by successfully performing behavioral analytics. As a result, fraudulent behaviors and suspicious activities are easily tracked and investments are less likely to get laundered. By doing so, it will help the organization to uncover & diagnose security threats.
Unmatched user experience
Users in Fintech organizations will have an unparalleled experience while interacting with the data. Business Intelligence tools have helped FinTech organizations to reach new heights after the arrival of dynamic apps and online services. Disruptive technologies built on top of Business Intelligence tools help organizations to reach their goals. BI tools enable a more intuitive and user-friendly experience for the users.
BI helps companies increase their Margins
Business Intelligence solution has tremendous potential to improve business profits and performance. With proper BI tools, FinTech organizations can gather real-time insights with ease when dealing with their revenues, profits and losses, commissions, and other charges.
Expectations of customers are shifting
Organizations not only want to meet their requirements but also to anticipate and surpass them. BI tools help them to achieve this by making tailored offers to them. Fintech companies can now collect data from various sources such as mobile apps, websites, wearables, social media, and smart devices to understand the pattern and make a prediction with accuracy. They need not have to visit physical sites or wait for a longer duration to process the information, as the data will be streamed in real-time, for delivering an exceptional customer experience.
FinTech is becoming increasingly competitive
BI tools help Fintech companies to quickly expand and attract an increasing number of entrepreneurs, startups, and established businesses every day. Business Intelligence enables businesses to optimize their operations in real-time and provide their customers with the finest services possible based on hard facts. Reduced operating expenses allow FinTech businesses to dedicate resources to more productive activities and decrease pricing for customers, allowing them to stay ahead of the competition.
Business intelligence will drive massive value creation
BI tools help Fintech Organizations to drive massive value creation by producing better business decisions via timely, accurate, and more comprehensive analysis of available corporate information assets. It also helps to identify growth opportunities and to reduce costs and wastage by identifying areas of high expenditure, operational inefficiencies, and analyzing transactional records.
Business intelligence (BI) emerged as one of the most powerful and modern information-based tools to disrupt the way FinTech organizations will leverage massive data produced on a day-to-day basis. But still very few leaders in the FinTech industry are being able to create value with the true power of BI tools and solutions. According to Accenture, only 32% of executives said that they can create useful value from their organizational data. Right now is the perfect time to embrace the possibilities of robust BI solutions as a driving force for your FinTech organization’s growth and success with a trusted technology partner.