Introduction

The Banking Industry utilizes many applications and hence data is stored at different places in real-time. This has affected the business decision making process as data need to be collected from different stores. Therefore, businesses need to find out a way to store all its financial data in one place.

What is a Data Warehouse?

The data warehouse is an architectural model designed to support the flow of data from operational systems to decision support systems. These systems collect and manage data from varied sources to provide meaningful business insights by analyzing large amounts of heterogeneous data accumulated by companies over time. Data warehouse separates analysis workload from transaction workload. They are read-oriented systems and they have a higher amount of data reading versus writing and updating. This enables a better analytical performance and does not impact the Bank’s transactional systems.

Advantages of iNsights:

Once iNsight is in place, the benefits given are available for the Banks at ease for excellent decision making:

  • End-user creation of reports:
  • Ad-hoc reporting and analysis:
  • Dynamic presentation through dashboards:
  • Drill-down capability:
  • Metadata creation:

iNsights as a Data Warehouse and BI solution:

BI & Data Warehousing usually are considered to be a very costly affair where not many Banks can afford them and if a solution brought the entire utilization of the product is also reduced compared to what it can do. iNsights is a solution that helps banks get insights into their data in the most cost-effective manner as all the data is stored in the data warehouse. Once a data warehouse is in place and populated with data, it will become a part of a BI solution that will deliver benefits to business users in many ways:

  • Delivers enhanced business intelligence: By having access to information from various sources from a single platform, decision-makers will no longer need to rely on limited data or their instinct.
  • Saves times: Since data is stored in a single platform, any action can be performed easily in no time
  • Enhances data quality and consistency: Since the data from across the organization is standardized, each department will produce consistent results. This will lead to more accurate data, which will become the basis for solid decisions.
  • Generates a high Return on Investment: With the help of data, warehouse banks generate a high return on investment (RIO).
  • Provides competitive advantage: Data warehouses helps in evaluating opportunities and risks, thus providing companies with a competitive advantage.
  • Improves the decision-making process: Data warehousing provides better insights to decision-makers by maintaining a cohesive database of current and historical data.
  • Enables organizations to forecast with confidence: Data professionals can analyze business data to make market forecasts, identify potential KPIs, and gauge predicted results, allowing key personnel to plan accordingly.
  • Streamlines the flow of information: Data warehousing facilitates the flow of information through a network connecting all related or non-related parties.