To reach the summit, banks need not just to aim high, but to know where they are going, and possess the analytics tools to get there.
Research by Aberdeen Group, sponsored by SAP, has found that a successful bank – one which attracts and retains desirable customers in a fiercely competitive market – needs to apply an analytical mindset to its processes. Traversing the volatile landscape of regulatory requirements necessitates accurate, real-time reporting in order to manage risk.
The ability to extract meaning from data using analytics internally allows banks to get critical decisions right the first time. But powerful and flexible analytics are increasingly demanded by business customers also.
Best-in-class companies employ and offer data analytics to drive organic revenue growth and profitability – the two most sought-after business goals in 2012.
This post originally appeared on Banking View and was republished with permission.