2024, Vol. 6, Issue 12, Part B

Author(s): M Manikandan and G Navin Karthick

Abstract: The banking industry operates in a dynamic environment of intense competition, regulatory challenges, and changing customer needs. To counter this challenge, business intelligence (BI) has emerged as a revolutionary tool that enables banks to improve their decision-making through process documentation, integration, and data analysis. This article explores the critical role of BI in helping banking institutions make informed, data-driven decisions to improve operations, increase customer satisfaction, and maintain control. BI technology combines data from disparate sources, including customer profiles, business models, and risk data, to provide instant insights. These insights enable banks to solve problems such as fraud detection, credit risk assessment, and business operations. It is also an important part of business intelligence that facilitates forecasting, prediction, and situational analysis, allowing banks to predict future business conditions adjust ideas accordingly, and understand the situation to help individual customers. This supports marketing campaigns and increases customer retention, which provides a competitive advantage in the digital age. In addition, integrating BI with artificial intelligence (AI) and machine learning (ML) opens up new areas of automation and advanced analytics, enabling risk management and improving all decisions.

DOI: 10.22271/multi.2024.v6.i12b.550

Pages: 144-148 | Views: 73 | Downloads: 24

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