In the last decade, businesses have become accustomed to dealing with huge amounts of data for their operations, and that explains why BI and data analysis tools have become so popular globally. These advanced applications are being used by thousands of entities hailing from sectors like automobile, healthcare, financial services, banking, healthcare, etc. Using BI applications can be quite useful in the financial sector. Entities involved with banking and non-banking financial services can gain in many ways by using such tools. However, they need to pick the right BI tool.
Why financial sector players prefer using Power BI
While businesses hailing from many sectors rely on Microsoft Power BI for data analysis and visualization needs, a lot of financial sector entities find it very useful for their needs. These include banking sector entities, NBFCs, entities offering mutual funds and investment policies, etc.
Listed below are the reasons why using Power BI is beneficial in the financial sector:
- Financial sector entities deal with a huge amount of transaction-related data on a daily basis. From payments made by the clients to handling overseas transactions, they need to handle monetary and digital transactions of varying types. Errors in executing and recording these transactions can have serious repercussions for them. By using an advanced BI tool like Power BI, they can automate record management pertaining to transactions, and errors can be minimized. The expertise of a veteran power bi developer can be handy in this context.
- Companies offering myriads of financial services remain worried about online frauds and exploits targeting their clients. Instances of such entities facing legal actions owing to the clients losing money in online traps have taken place. The sad thing is fraudsters devise newer ways to target people performing online transactions. These entities can resort to Power BI. The advanced AI features of this tool can be used to detect suspicious financial activities, and users can be alerted in time. Thus, they can ensure user data security.
- Most financial service companies need to analyze customer data and make strategic decisions based on that. With Power BI at their disposal, this becomes simpler and faster. They can analyze customer preferences and trends in the sector, keep a tab on rival entity performance, and identify areas that need improvement. They can also analyze the pros and cons of making a foray into new markets. The expertise of skilled power bi consultants can be required for extracting the most out of the tool.
- Financial sector entities can speed up operations and enhance overall productivity by using an advanced BI solution like Power BI. They can analyze data from many sources, and the process can be automated. These entities are also able to create insightful reports after analyzing the collected data, and the reports can then be shared on the fly with employees and clients. This ensures they can understand trends and developments fast and make business decisions without delay. This offers a boost to overall productivity, and time is saved.
- Power BI is well suited for large-sized financial sector entities. These agencies have to deal with mammoth amounts of data per day. Power BI is capable of processing and analyzing bulk data at blazing speed. This is where it races ahead of other similar tools. It also deals with unprocessed data well. However, it can also be useful for small players in this sector. The free desktop version is quite feature-packed.
- Power BI integrates with various financial applications, database applications, and cloud services. Many such apps and services are already used by a majority of financial sector players. So, integration and application compatibility are never a problem when they choose a BI tool like Power BI.
- Financial sector entities resorting to BI solutions for the first time find Power BI a better option than competing ones. This is owing to the fact that Power BI comes with a smooth, clean and customizable UI. The learning curve is not steep. So, it becomes easier to train the employees. Of course, they gain by hiring Microsoft power bi experts and consultants as they can teach the employees about advanced features of this platform.
- Power BI comes with intuitive dashboards and plenty of visual elements that make report creation a breeze. The agencies can create reports that can be easily understood by employees and clients. They can make use of charts, Graphs, maps, texts, and many other elements.
Are there any drawbacks?
Since its launch, Power BI has become the default choice for many financial sector agencies across the world. The humongous feature set and ease of use have helped it stave off competition and retrain the users. However, the advanced features in the Pro and Premium versions can take a long time to master. To make use of its ML and AI features, businesses often have to hire power bi-development experts, and that can be costly.
Hiring the apt power BI consultant
Small and growing businesses in the finance sector often use Power BI without seeking the expertise of BI consultants or agencies. However, enterprise and corporate users do not tread the same path. They hire reputed Power BI consultants. Such consultants help them in devising a custom BI strategy for their operations.
To ensure you hire the right BI consultant for your financial entity, assessing a few key factors will be necessary. You should check the tenure of such an agency and assess its track record well. Checking client feedback online is something you cannot skip as well. Before assigning up for its services, ensure all your queries on charges and service terms are clarified.