#banking analytics

Banks handle enormous volumes of data every day — account activity, product usage, customer queries, loan applications, fraud alerts, and more. Turning this information into something usable creates a major advantage. A strong approach to Banking Analytics helps financial teams understand customer behavior, personalize services, reduce risk, and make faster decisions. When paired with Power BI’s visual and modeling strength, the insights become clearer and more actionable.

Why Customer Experience Needs Analytics Support

Customer expectations rise quickly. People want quicker service, fewer delays, smarter digital interactions, and relevant product suggestions. Analytics fills these gaps by revealing:

What customers prefer

Where friction occurs

Which processes take too long

How to segment users based on sentiment

What banking channels get the most activity

This improves outcomes across service desks, mobile banking, call centers, and relationship teams.

How Power BI Transforms Banking Data

A well-built Power BI Banking framework helps convert raw banking data into meaningful dashboards that help teams take timely action.

Key capabilities include:

1. Real-time behavior tracking Viewing active customer actions across accounts, cards, or loans helps banks plan communication and support instantly.

2. Segmentation & personalization

High-value customers

Digital-first users

Loan applicants

At-risk customers

Customers with lapsed activity

Each segment receives targeted engagement.

3. Risk visibility Fraud alerts, irregular transactions, and unusual spending patterns become visible through clean visual models.

4. Operational monitoring Departments get a complete view of TATs, response times, ticket aging, and service delays.

Practical Use Cases that Improve Experience

Banks using analytics experience stronger engagement and smoother workflows. Popular use cases include:

ATM downtime analysis

Branch-level performance reports

Loan cycle aging

Customer churn prediction

Sentiment trends from support tickets

Credit card usage trends

Service channel efficiency

Call center productivity insights

These insights help banks address issues before customers feel frustrated.

Why Customer Experience BI Matters

A structured focus on Customer Experience BI ensures that insights support both strategy and day-to-day execution.

Benefits include:

Faster complaint resolution

More accurate cross-sell recommendations

Predictive identification of churn

Personalized digital banking journeys

Improved loan approval timelines

Clearer communication between departments

Smarter compliance alignment

This creates measurable gains in customer satisfaction, operational efficiency, and loyalty.

Tips to Strengthen Analytics Adoption in Banks

A few simple steps make analytics more impactful:

Use clean dashboards that highlight core KPIs first

Build drill-downs for branch, product, and customer-level views

Keep datasets regularly refreshed

Add automated alerts for risk indicators

Provide access-based roles for different teams

Train staff on reading visuals, not just viewing them

Publish weekly updates to show progress and trends

These practices raise analytics maturity across the organization.

How VBeyond Digital Supports Analytics-Led Banking

VBeyond Digital helps financial organizations transform their raw data into structured insight systems powered by Power BI. The team builds customized banking dashboards, clean data models, and adoption frameworks that support daily decision-making. Banks working with VBeyond Digital benefit from improved reporting clarity, stronger customer understanding, and analytics-driven workflows that enhance both efficiency and customer trust.

Final Thoughts

Data analytics is on the cusp of a dramatic evolution, one that will not only change how we analyze information but will fundamentally reshape the world around us. The future of data collection, analysis, and utilization is expected to undergo a radical change thanks to developments in artificial intelligence, data processing, and other technologies. This blog post what and how emerging technologies will impact analytics.

Source: https://www.latentview.com/blog/six-technologies-that-will-impact-analytics-in-2024/

Top Six Trends Impacting Analytics:

Microsoft Fabric

Generative AI

Data Storytelling

Advanced Data Governance

Augmented Analytics

Quantum Computing

1. Microsoft Fabric Microsoft Fabric is an all-in-one analytics solution for enterprises that covers everything from data transfer to data science, real-time analytics, and business intelligence. It provides extensive services, including data lake, data engineering, and data integration, all in one platform. Fabric is a platform that provides a highly integrated, end-to-end, and user-friendly solution for analytics needs. It is built on a Software as a Service (SaaS) foundation, which makes it simple and easy to integrate. Microsoft Fabric offers a complete analytics experience that works seamlessly together.

2. Generative AI ChatGPT, an example of generative AI, is like a futuristic smart assistant. Its versatility lies in its ability to produce human-like responses, including graphics, code, and conversations. Because it can learn from a vast amount of data, this technology is useful for a variety of activities. To put it simply, it makes our interactions with technology more creative and intuitive while also facilitating improved machine-human communication and new opportunities.

3. Data Storytelling Data storytelling is turning unstructured data into interesting narratives that make the information more approachable and useful. By using this strategy, organizations can improve communication and decision-making among diverse groups and close the knowledge gap.

Data storytelling through dashboards will gain more significance as there is a data deluge. The ability to use narrative to effectively communicate important findings will be crucial for democratizing data as it continues to grow in volume. We may expect a future in which people with different backgrounds will find it simple to understand and use data-driven insights, leading to more informed and cooperative approaches to problem-solving and decision-making.

In storytelling, emotions play a pivotal role—people tend to remember 95% of a story but only 5% of raw statistics. This highlights the incredible impact of emotional connection in making information memorable and resonant. Whether in business or education, integrating storytelling with data enhances understanding and retention, creating a more lasting impression.

4. Advance Data Governance It is a means of organizing and safeguarding every critical piece of data that a business possesses. It maintains order and security, offering more reliability and less confusion. Advance Data Governance aids businesses in adhering to the guidelines and policies governing the handling of data. This is important because data protection and usage regulations advance along with technology. It functions as a quality monitor for your data. It verifies whether the data is current and correct, which is crucial for making wise decisions.

Advanced Data Governance is more than just a technological advancement; it will fundamentally alter how businesses manage their most important resource, data.

5. Augmented Analytics By making data analysis simpler, augmented analytics will take the lead in 2024. It simplifies difficult data understanding, similar to that of a smart assistant. It will soon become an indispensable guide in the rapidly changing world of data and technology since it enables everyone to make well-informed decisions with ease. With Augmented Analytics, data engagement is made simple, even for non-technical people. This idea combines AI analytics with intuition, offering great promise for increasing knowledge and enhancing decision-making in a data-driven culture.

6. Quantum Computing Using the principles of quantum mechanics, this state-of-the-art technology allows computations to happen at rates that are unimaginable. As we move forward, quantum computing has the potential to have a significant impact on data analytics by enabling the execution of intricate procedures with previously unheard-of precision and efficiency. Large datasets can be quickly analyzed for patterns using quantum computing, which completes intricate computations in a matter of seconds as opposed to thousands of years for conventional computers. This speed clears the way for new developments in artificial intelligence, especially in the areas of predictive analysis, machine learning, and natural language processing.

Are you tired of inefficient banking operations that lead to poor customer experience, increased costs, and low profitability? Modern banking requires advanced solutions that can help banks and financial institutions to optimize their operations, improve customer experience, and drive growth. Banking analytics solutions are the answer to these challenges.

What are Banking Analytics Solutions?

Banking analytics solutions are software and services that provide banks and financial institutions with insights and intelligence that can help them make better decisions, optimize their operations, and improve customer experience. These solutions leverage data analytics, artificial intelligence, machine learning, and other advanced technologies to analyze vast amounts of data from various sources and provide actionable insights.

The banking and financial services industry has always been data-intensive, but with the advancement of technology, the amount of data generated has increased exponentially. This data can be used to improve operational efficiency, customer experience, and risk management. Banking analytics solutions offer an effective way to extract insights from data and transform it into actionable intelligence.

Benefits of Banking Analytics Solutions

Banking analytics solutions offer numerous benefits to banks and financial institutions, including:

Improved customer experience: Banking analytics solutions can help banks to understand their customers' needs, preferences, and behaviors and provide personalized services that meet their expectations. For example, a bank can analyze customer data to determine which services are most popular and tailor their offerings accordingly. This can lead to increased customer satisfaction and loyalty.

Increased efficiency: These solutions can help banks to optimize their operations, reduce costs, and enhance productivity by automating manual processes and eliminating redundancies. For example, a bank can use automation to streamline its loan approval process, reducing the time it takes to approve a loan and improving the customer experience.

Advanced risk management: Banking analytics solutions can help banks to identify and mitigate risks in real-time, prevent fraud, and ensure compliance with regulations. For example, a bank can use analytics to detect unusual patterns of activity in customer accounts, which could indicate fraudulent activity. By identifying these patterns early, the bank can take action to prevent further fraud.

Better decision-making: These solutions provide banks with accurate and timely insights that can help them make informed decisions, develop effective strategies, and identify new opportunities for growth. For example, a bank can use analytics to identify which products are most profitable and develop marketing strategies to promote those products.

Analytics Solutions for Banking

There are various types of banking analytics solutions that are designed to address different needs and challenges in the banking industry. Some of the most common analytics solutions for banking include:

Retail Banking Analytics Solutions

Retail banking analytics solutions are designed to help banks to improve customer experience and increase profitability in the retail banking sector. These solutions provide insights into customer behavior, preferences, and needs, enabling banks to offer personalized services and products that meet their expectations. Retail banking analytics solutions also help banks to optimize their branch network, manage customer relationships, and develop effective marketing campaigns.

Risk Analytics Bank Solution

Risk analytics bank solutions provide banks with insights and intelligence that can help them to manage risks effectively. These solutions use advanced technologies to monitor transactions, detect anomalies, and identify potential fraudulent activities. Risk analytics bank solutions also help banks to ensure compliance with regulations, prevent money laundering, and maintain a secure banking environment.

Banking Data Analytics Solutions

Banking data analytics solutions leverage data analytics and machine learning technologies to analyze vast amounts of data from various sources and provide insights that can help banks to optimize their operations, improve customer experience, and drive growth. These solutions can analyze data from multiple channels, including social media, mobile devices, and IoT devices, to provide a holistic view of customers' behavior and preferences.

Banking Data Analytics Cloud Solutions

Banking data analytics cloud solutions are designed for banks that want to leverage the power of the cloud to analyze their data. These solutions provide banks with the flexibility to scale up or down as needed, reducing the need for expensive hardware and software investments. Cloud solutions also offer improved data security and accessibility.

Banking Analytics Solution Providers: Which one is Right for You?

Choosing the right banking analytics solution provider can be a daunting task, given the numerous options available in the market. However, before selecting a provider, you should consider the following factors:

Your specific needs and requirements: Different banks have different needs and requirements, so it's important to choose a provider that can meet your specific needs.

The provider's experience and expertise in the banking industry: You want to choose a provider that has experience working with banks and financial institutions.

The provider's track record of success: Look for a provider that has a proven track record of success in delivering banking analytics solutions.

The provider's pricing and support options: You want to choose a provider that offers competitive pricing and comprehensive support options.

Conclusion

Banking analytics solutions are essential for banks and financial institutions that want to streamline their operations, improve customer experience, and drive growth. These solutions provide banks with insights and intelligence that can help them to optimize their operations, manage risks effectively, and make informed decisions. By choosing the right banking analytics solution provider, banks can gain a competitive edge and achieve long-term success.

As the world becomes more digital and data-driven, the financial industry is no exception. In recent years, there has been an explosion of interest in Banking Analytics, Finance Analytics, Finance Service Analytics, and Insurance Analytics. In this article, we will discuss why analytics is the future of the financial industry and how it is changing the way banks operate.

What is Banking Analytics?

Banking analytics involves analyzing data to make better business decisions and improve customer satisfaction. It is the process of using data to improve banking operations and decision-making. With the help of analytics, banks can better understand their customers, mitigate risks, and optimize operations. Analytics is used to track customer behavior, identify trends, and detect fraudulent activity. It is also used to improve the customer experience by providing personalized recommendations and targeted marketing.

Traditional Banking

Traditional banking practices involve making decisions based on experience and intuition. Banks rely on their own knowledge and expertise to make decisions. However, this approach is becoming less effective as the industry becomes more complex and data-driven. Traditional banking often relies on manual processes that are prone to errors and inefficiencies. This makes it difficult for banks to keep up with changing customer needs and market trends.

Why Analytics is the Future

Analytics is the future of banking and financial services. With the help of analytics, banks can gain insights into customer behavior, market trends, and business performance. Analytics can help banks to improve the customer experience, streamline operations, and reduce risk. By using analytics to detect fraudulent activity, banks can protect their customers and prevent financial losses.

Analytics is essential for banks to survive and thrive in the modern era. By leveraging data analytics, banks can unlock new opportunities for growth, innovation, and success. With the help of analytics, banks can make better decisions, improve efficiency, and reduce risk. Analytics is the key to staying competitive in the rapidly changing financial industry.

Benefits of Banking Analytics

There are many benefits to using analytics in banking and financial services. Here are just a few:

1. Improved Customer Experience

Analytics can be used to provide personalized recommendations and targeted marketing, improving the customer experience. By using data analytics, banks can understand the needs and preferences of their customers and offer tailored services that meet their requirements. This can lead to higher customer satisfaction levels, increased loyalty, and more revenue for the bank.

2. Risk Mitigation

Analytics can be used to detect fraudulent activity and other risks, reducing the likelihood of financial losses. By analyzing customer data, banks can identify patterns and trends that may indicate fraudulent activity. This can help them to take preventative measures and protect their customers' financial assets.

Analytics can also help banks to identify other types of risks, such as credit risk and market risk. By detecting potential risks early on, banks can take steps to mitigate them before they become a problem.

3. Improved Efficiency

Analytics can help banks to streamline operations and reduce inefficiencies, saving time and money. For example, analytics can be used to automate routine processes such as account opening, loan applications, and credit checks. This can free up time for staff to focus on more complex tasks and improve overall productivity.

Analytics can also help banks to identify areas where they can reduce costs. By analyzing data, banks can identify areas where they are spending too much money and take steps to reduce those costs.

4. Better Decision-making

Analytics can provide banks with insights into customer behavior and market trends, helping them to make better decisions. By analyzing customer data, banks can identify opportunities for growth and innovation. This can help them to stay ahead of the competition and remain profitable in a rapidly changing market.

Analytics can also help banks to make more informed decisions about product development. By analyzing customer data, banks can identify areas where there is a need for new products and services. This can help banks to stay ahead of the curve and offer innovative solutions to their customers.

Challenges of Implementing Analytics

While there are many benefits to using analytics in banking, there are also challenges to implementing it. One of the main challenges is data quality. Banks must ensure that the data they use for analytics is accurate and reliable. They must also ensure that the data is protected against unauthorized access.

Another challenge is the complexity of analytics. Banks must have the expertise to analyze the data and interpret the results. They must also have the technology infrastructure to support analytics.

Final Thoughts

In conclusion, Banking Analytics, Finance Analytics, Finance Service Analytics, and Insurance Analytics are the future of the financial industry. Analytics can help banks to improve the customer experience, reduce risk, and streamline operations. While there are challenges to implementing analytics, the benefits far outweigh the costs. As the financial industry becomes more data-driven, analytics will become increasingly important for banks that want to stay competitive. By embracing analytics, banks can unlock new opportunities for growth, innovation, and success.

Significance of Community Banking and the Role of Analytics

Community banks operate under the philosophy of – local reinvestment helping small businesses and families grow with improved financial security. The ageless banking model emphasizes personal relationships and integrates technological advancement with more agility implementing stronger security standards. Customer expectations on community banks are increased and analytics can help them deliver impactful offerings. Data analytics has a huge potential in helping banks realized measurable outcomes and improved customer satisfaction by delivering value.

The idea of community banks started in the mid-1800s to empower local banking relationships. April is distinguished as National Community Bank Month recognizes the local community banks for their importance and support. Though large financial institutions are customer-centered, community banks are unique in being people-centric and are more favorable to small-scale businesses. Data analytics can bring in more personalization providing actionable insights. Community banks help local communities to grow and their decision-making reflects community impact to promote a better standard of living.

This April, observed as National Community Banking Month 2021, banks embark on operating in the best interest of their customers. Community banking holds significance for the following reasons.  

Mindful of Community Impact:

Community Banks make a decision based on the local conditions and their impact on the community. They are flexible since decisions are made within the bank considering the health of the community.  

Significant Local Support:

Taxes paid by Community Banks are spent locally to accelerate community growth. They support local projects, farms, individuals, families, youth, and businesses by providing loans in the interest of communities.

Thrive to Improve Local Economy:

Community banks play an integral part in keeping their local economies lively. They respond rapidly to customers’ requests with effective engagement since they are fully aware of the local conditions and needs. Such local-level support when implemented nationally contributes to an enhanced economy.