Business Intelligence And Financial Services

It all comes down to accuracy. Managing risk and company performance can be daunting in any industry, but it’s especially so in financial services, where investment and hedging positions re-price in real time. What may have been accurately reported last week or even this morning may not be accurate by the time an executive accesses the information. Senior executives need access to the key indicators that measure the performance of all departments and regions, as well as each employee in their company, and they need those performance indicators in real time.

Fortunately for lenders, there’s such a thing as business intelligence technology, a software connectivity solution that can mine, gather, assimilate and analyze all kinds of information within a company. Because it can provide information in real time, it can get all stake holders in a company on the same page and align everyone to the company’s common corporate goals.

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In the vast majority of companies, the data is already there. Business intelligence technology just makes that data usable. It transforms company data into actionable information that can help mitigate losses or reallocate resources to the most profitable company services and products. More specifically, it can bring the disparate processes in a financial institution in line with the company’s earnings and expense objectives.

So, how does all of this information and relation to the bottom line play out in real life? With action. Because business intelligence can provide real-time reporting of employee performance, executives can find weak links almost instantaneously and correct problems quickly before they lead to significant losses. In mortgage banking, business intelligence systems can ensure that loan officers, loan processors, underwriters, and closers are communicating together in real-time quantitative measures such as the number of loan applications per loan officer, the speed of loan processing, and other workflow actions that are an important part of being a high-quality, high-performance company.

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They say that there are three sides to every story, your side, the other person’s side, and the truth. Not so with business intelligence, which provides financial services firms with one version of the truth in company operations. Key executives don’t have to judge which disparate reports on company operations are accurate. With business intelligence technology, a CEO can access relevant company information, mine the data and apply powerful analytics to monitor operations and forecast key business metrics, such as earnings, revenues, and expense, all in a matter of moments.

Business intelligence software can overlay any existing corporate software system. It has the capacity to immediately provide a real time view of a financial company’s collective data. Plus, it’s easy to use. The software provides dashboards so that supervisors can view the strengths and weaknesses within the company on one screen. Data is constantly updated so supervisors have the latest relevant information with which to drive the company.

Next week we’ll look at specific ways that executives can leverage business intelligence.

About The Author

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As co-founder and CEO of Motivity Solutions, Tyler Sherman is responsible for establishing the vision and long-term strategy of the company. Tyler has more than 20 years of sales, marketing, and executive leadership experience across the mortgage and technology industries. Before founding Motivity Solutions, Tyler was a co-founder of Watermark Financial Partners, where he led the sales team to unparalleled productivity and profits. The sales and marketing programs developed by Tyler led Watermark to become one of the largest organizations of its kind. Tyler understands the need for flexible technology that can help companies navigate the inevitable ebbs and flows of any industry. His capabilities for using technology and business intelligence to enhance the sales and marketing functions helps create a sustainable competitive advantage for Motivity’s clientele. Tyler’s operational and executive expertise in running successful companies effectively aligns Motivity’s interests with that of its customers, and his philosophy of creating value for all stakeholders by building long-term relationships through ethical business practices is applied to all aspects of Motivity Solutions. Tyler has a B.S. in Finance and Marketing from the University of Colorado and an MBA from the University of Denver.