Bank IT departments may cash in on business intelligence this year

More banks and financial institutions plan to implement business intelligence solutions this year, according to a recent report from Bank Technology News.

In an effort to better utilize customer data, banks will adopt business intelligence platforms to enhance their customer relationship management systems, the report states. Banks will utilize BI solutions in areas ranging from marketing and cross selling to risk management and security, according to the report.

Business intelligence adoption will accelerate as “predictive and behavioral modeling tools become a central cog” for banks’ CRM deployments, the report states.

The technology is also a means for banks to ensure compliance with regulatory mandates. Specifically, BI tools that provide a real-time view of progress will gain favor as banks oversee their compliance initiatives.

BI adoption among banks has recently gained a lot of attention. A recent Bank Systems and Technology report revealed that many organizations are looking for ways to take advantage of customer data. That report stated that BI could help banks better target marketing and account application strategies.

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