Business Intelligence Software Development for Banking

The modern banking industry relies heavily on versatile software solutions that enable banks to ensure financial stability, augment operational efficiency, and deliver the ultimate customer experience. Cutting-edge BI systems and data analysis tools are non-negotiable components of the IT ecosystem in the banking sector, allowing financial organizations to revolutionize their data governance and processing, providing advanced analytics of financial data they use in their shop floor routine.

Business intelligence development for banking aims to craft high-quality custom BI software and integrate banking business intelligence tools and applications into the digital infrastructure of financial institutions. DICEUS BI development professionals have in-depth expertise to create first-rate finance and banking BI solutions that will let you turn client, business, and other data into actionable insights, thus boosting your company’s pipeline and enhancing customer satisfaction.

Why do BI solutions matter?

For many traditional banks, the development of business intelligence system is not among the top priorities on their to-do list. As a result, they lag behind their more far-sighted rivals, which invest heavily in business intelligence for banks, suffer from inadequate manageability, and face greater risks of doing business. In the branchless paradigm introduced by modern neo-banks, business intelligence development emerges as a vital necessity because a robust BI solution for banks can become a game-changer in the following workflow aspects.

Analysis and planning

Data from multiple sources can be processed to shed light on business trends, cash flows, historical developments, and other shop floor details. The analysis results allow BI experts to perform scenario modeling and shape strategies for the organization’s future activities.

Reporting

A special BI dashboard provides a comprehensive view of the day-to-day operations of the financial institution. With such granular information at their fingertips, key decision-makers can react to the company’s current needs and take knowledgeable steps to drive its efficiency.

Risk management

Credit risks and market threats are inevitable in the financial realm. BI tools help banks keep their eyes skinned for any adverse developments, assess the level of risk, and forestall negative consequences by implementing timely corrective measures.

Revenue management

After data has been centralized, interpreted, and presented to the financial organization’s marketing team, they can determine when, what, and whom to sell. Business intelligence in banking is highly instrumental in formulating pricing policies and cash flow regulation.

Performance improvement

Business intelligence in the financial industry is invaluable as a performance-measuring mechanism. By tracking departments’ and employees’ KPIs, BI tools will manifest how well they fulfill their responsibilities and pinpoint areas where their efficiency is substandard.

Customer data management

Customer satisfaction is the ultimate goal all businesses strive to attain. By digging deep into the clients’ records, BI tools will expose their individual needs, pain points, and behavior patterns as mission-critical data for customer segmentation and administering targeted campaigns.

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Benefits of BI solutions

When leveraged wisely, business intelligence for banking can usher in the following boons.

Better decision-making

BI tools yield a slew of data on financial organizations’ customers, market conditions, and pipeline activities. Having them always handy, banks can make knowledgeable decisions, minimize risks, and perform clockwork planning of their actions.

Data consolidation

When enterprise dossiers are kept in disarray and are siloed in disparate locations, their efficient analysis is impossible. BI solutions bring all data under one virtual roof and have them stored in digestible form to enable easy and quick processing.

Security

Fraudulent activities and cybercrime are two major scourges that afflict financial organizations today. BI software is geared to detect suspicious activities, keep track of overdue transactions, and prevent fraud, thus strengthening banks’ line of defense against various financial threats.

Improved reporting

Normally, this is one of the most time-consuming processes. Leveraging BI, employees will be able to facilitate the procedure radically and analyze data simultaneously across all databanks the financial organization uses in its workflow.

What we offer

BI and banking software development are two expertise domains in which we excel. Throughout 13 years of our presence in the banking and fintech niches, we have accumulated vast theoretical knowledge and numerous hands-on skills in business intelligence development for banks and other financial organizations. We can provide our clients with modern and mature BI development and support services, which include, in addition to traditional data marts and reports, the following analysis tools and frameworks:

Dynamic multifactor risk management model

Formation of the target function of banking activity management

Bank’s cash flows from operating activities and profit and loss

Estimating the worst net cash outflow of non-maturity deposits based on quantile regression

Stochastic discrete dynamic model of the bank’s liquidity

Assessment of banking system liquidity using the payment matrices

Anti-recessional bank management. The modeling of the borrowing money amount for supporting its liquidity

Pricing on the amortizing loan that is based on the “Сash Flow at Risk” approach

Risk-adjusted pricing of bank’s assets based on cash flow matching matrix

Usage of Moody’s KMV Model to estimate a credit limit for a firm

NII/NIM/NBI calculation

Loan and deposit production analysis

Multidimensional approach to measuring bank branch efficiency

GINI index, coefficient

BI software development life cycle

Our rich experience in crafting banking BI solutions has allowed us to devise a straightforward algorithm for building such products.

Requirement gathering and planning Before we set to work, we interview our clients to understand what business goals they aim to achieve by launching a BI solution. Also, we talk to the prospective users of the software to clarify what data they will utilize, where the raw data will come from, whether the sources are reliable, how much curation the data will need, and what visualization techniques they prefer to turn this data collection into a set of valuable insights. When we have all the relevant information concerning the future project, we outline the implementation plan.

Design As soon as we realize what to aim for, our engineers give thought to the back-end architecture of the solutions while our UI/UX specialists contemplate its front end, each crew prioritizing a consistent logical model and physical schema of data analysis. As a result, the project team develops a prototype to ensure the product’s usability and intuitiveness. It is at this stage that the software’s dashboards and data visualization techniques are designed and reporting capabilities are established.

Data preparationNow, the relevant data is derived from all available sources into a consolidated data warehouse. It may be grounded either on the ETL or ELT model, but the outcome is identical: a comprehensive depot containing clean, accurate, complete, error-free, and understandable historical data in compatible formats that can be further leveraged to evaluate the organization’s financial performance, improve banking operations, identify trends, increase customer satisfaction, you name it.

Development and testing Here, all pieces of the puzzle are put together, and the project team codes away until they get the final product on their table. Then, to mitigate risks and ensure seamless performance, the BI system undergoes a thorough checking procedure, which includes unit, usability, performance, penetration, functional, and other tests.

Deployment and optimization The BI solution is put into operation in the production environment. Typically, we automate this process to the maximum, but our team is always ready to step in if some manual fine-tuning is required. Then, the newly launched solution is given a pilot run in the field conditions. If any inadequacies are exposed, we deal with them immediately and leave our clients with a full-fledged product ready for employment.

Personnel training Poised to provide the best-in-class user experience, we teach all employees (business analysts, account managers, bookkeepers, loan officers, tellers, customer relationships representatives, etc.) to operate the system, utilize tools they require in their workflows, and read into insights delivered by BI mechanisms.

Support and maintenance We stay with our customers after the product’s launch to ensure it runs smoothly, tweak its functioning, assess performance against a set of established KPIs, conduct regular checkups, fix issues if they crop up, introduce upgrades, add new features on demand, and exercise continuous improvement of the software we have created. Besides, we collect user feedback concerning the solution they employ and respond to it, improving software’s usability and helping employees to operate it efficiently.

About DICEUS

2011the year DICEUS was established

130projects delivered successfully

8offices around the world

GlobalDelivery Center in Poland

250full-time tech professionals

100IT services available

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Our services

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Mobile banking

Core banking

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How to get started

While looking for business intelligence for financial services, it is often hard to make a good choice among the ocean of offers available in the contemporary IT outsourcing market. What should you do to enlist a qualified vendor capable of providing top-notch BI solution development for banks?

Discover your needs Get a clear picture of the current state of data handling at your financial organization and shape a vision of the deliverables you would like to obtain when you commission BI for financial services.

Scan the market Look through reliable vendor rating resources (GoodFirms or Clutch, for instance) to compose a list of candidates with good reviews and relevant expertise.

Study portfolios Analyze the information IT companies present on their site to learn about their workforce competencies, experience in the field, the tech stack they operate, engagement models, pricing, etc.

Communicate with former clients By contacting other customers who ordered the development of BI from potential vendors, you will be able to see how satisfied they are with the project’s outcomes and the general cooperation process.

Get in touch with the vendorDuring a personal communication session with the vendor representatives, you will complete your picture of the future partner regarding their soft skills, cooperation style, and ability to showcase their fortes.

Our case studies

E-Murabaha – Islamic finance project on blockchain

United Arab Emirates
Banking

IT staff augmentation for Raiffeisen Bank’s IT projects

Ukraine
Banking

POC for Raiffeisen Bank self-service terminal development

Ukraine
Banking

Blockchain-based crypto wallet for ICO and crowdsales

Under NDA
Banking

Contactless payment solution

Under NDA
Banking

FAQ

What role does BI play in banking?

Workmanlike data processing is the cornerstone of success in the information-driven finance realm of the early third millennium. By harnessing a BI solution, banks will step up their analysis and planning capabilities, boost reporting routine, improve risk and revenue management, enhance personnel performance, and streamline customer data handling.

What BI tools are commonly used in the banking sector?

Among the popular tools business intelligence banks employ are Tableau and QlikView. The sophistication of natural language processing techniques will pave the way for the intense application of ThoughtSpot and similar tools. However, the unquestionable leader among business intelligence solutions in the niche is Power BI for finance data processing.

How does Power BI work in the banking sector?

Since this product by Microsoft contains a collection of apps, connectors, and other software pieces that collect and process information from multiple sources, the role of Power BI in banking can hardly be overestimated. By implementing a Power BI banking project, a financial institution will obtain not only a data analytics tool for its IT ecosystem but also a superb visualization data mechanism that will help banks monitor performance in real time and generate customized reports via an easy-to-operate dashboard.

How does BI contribute to cost reduction and operational efficiency in banks?

Leveraging BI tools, banks will have a clear view of spending with an opportunity to identify areas where expenditures are excessive or non-essential. Also, risk management BI solutions are instrumental in minimizing money losses caused by fraud or compliance breaches. As for operational efficiency, BI mechanisms excel at tracking employees’ KPIs and resource distribution, which enables banks to increase pipeline productivity and optimize resource utilization.

Business intelligence software development services for banking