Top 3 Common Problems of Financial Organizations

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A number of financial organizations and services want to increase their revenue along with the improvement in their customer experience. At the same time, the organizations also want to cut their cost and reduce risk. Such organizations are not aware of the fact that many of their problems are due to their data management. They are not sure that many of their problems can be resolved through software and analytics.

With the help of the right business intelligence technology and the right data, the financial firms can accomplish a great number of things. Today through this article we will see 3 commonly seen problems with business organizations that can be resolved easily through software.

Business Problem Scenario

If you are facing lots of business challenges and issues, then you may be working with your legacy software. Once it may be your cutting edge tool, but now it may not be able to handle your current client load. Many financial firms, therefore, are being observed, facing the following challenges:

  • Less Time in Data Analytics
  • Manual and time-consuming data gathering, transaction handling and deal tracking
  • Lack of expert analytical insight

So, how these three commonly seen problems can be resolved. Let us move to our next section to check the solution

1. Speed-Up Analysis Time

If your organizational data is in scattered form and located on various sources and locations (It usually happened in legacy systems), then your reporting and analysis processes may not be that much efficient and quick as they could be. When your data is not located and stored at any central location, then it cannot be considered as reliable and can also not be delivered in real-time.

With the help of the right software and identification of your exact current requirement, you can connect the data located in separate locations. Even CRM, SharePoint and many other accounting programs and software can work efficiently through centrally located data.

The connections can be automated and business intelligence tools can be used to increase the velocity of analysis or speed up the entire process of analysis. As a result, your organization can get the result in real-time and access all required key-metrics. They may include a number of important key metrics like revenue growth, industry performance, utilization rate and revenue per resource.

2. Automated Data Tracking and Gathering Process

If your organization is spending lots of time in manual gathering and tracking data through several resources, they why don’t automate the entire process? It may take a lot of time in tracking the opportunities and deals. This can reduce your time, that you may spend in focusing on customer interaction. Through data science, machine learning and data automation you can leverage current technologies. This way you can focus on your business growth rather than in managing and handling spreadsheets.

One more point that is found difficult by the employees of any financial organization is to handle client’s queries and managing their accounts. Manual data pulling process and report creation is a time-consuming process. This pain can be alleviated through customized and managed dashboards that can put your client’s data or information at your fingertip.

You can also create even a self-service portal for your client. Through which they can get the answers to their queries in less time. Even they can just raise their ticket whenever required and contact your customer representatives.

Social media integration may also be done through which customers can interact with your representative and get the answer to all of their queries. Moreover, the reps or customer executives can know the query and provide an instant solution to them.

3. Improved Analytics Executive Insight

You cannot take any blind decision for any of your deal or opportunity. If your executive will not have exact detail and information of the insight of necessary information, then he may find it difficult to take management decision timely and effectively. Once more it may happen due to your legacy software or program or disparate data sources.

With the help of advanced and deeply analyzed information, you can make your customized dashboards that will have real-time data. You can access the report and share wallet snapshot, fund analysis and financial buyer. You can access all information and manage them just through fingertips.

Driven Benefits for Financial Organizations

What will you get by combining interactive analytical dashboards and process automation? You can manage all of your required data. This way you can also reduce risk, enhance customer experience and lower the cost. Let us see how?

a). Improved Revenue Growth

This is one of the main and important goals of every business. Every business owner wants to earn more profit. By resolving the three main business challenges that are increased the share of wallet, lower deposit churn and more opportunities for cross-selling. Even by improving anyone among these three can make a huge difference.

b). Reduced Cost

Through automation and customize dashboards, you will have to spend less time on administrative tasks. More focus can be put for closing deals and generating new opportunities. Marketing activity automation can help you in creating more personalized marketing campaigns with advanced business intelligence. By full or maximum automation you can cut the chasing cost for your deals and convert them to your valuable customers. Even today through artificial intelligence complete process can be automated that can make smart and timely decisions.

c). Improved Customer Experience and Reduced Risk

With the help of advanced customized software, you can generate better data reports and get customer insights. Better and customized software can also provide better security as well. Through software built-in security you can reduce the fraud rate and improve customer experience.

By reduced risk of data security, you can plan your business goals and optimize the complete business automation process. Even the response time of threats also gets improved and you can avoid or mitigate any threat. Improved security and fraud reduction can help you in providing a better customer experience. Through planned and proper action plan you can take better business decisions that can also help you in increasing business ROI.

Wrapping it Up

Financial organization including banks, insurance or any other can leverage through data or business process automation. Today presence of a variety of data handling technologies and tools like big data and data science you can easily analyze data in less time. They can help financial organizations in generating data-driven graphical reports. Such organized and well-managed data can not only reduce the customer response time but also help the organizations to remain goal focused and provide better customer experience.

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