Top Data Analytics and Business Intelligence Tools for FinTech
In today’s cut-throat competitive world, I am sure you must have observed several companies succeed while others tend to fail. Reason can by anything here such as the latest trends impacting the modern environment or change in customer preferences, and so forth. However, one has to keep up with the flow or else one will have a lot to lose. Now do you think just keeping up is enough, you have to walk an extra mile in order to outperform your competitors. For that, we have several data analytics and business intelligence tools to keep in mind – which will be discussed further in the post! In fact, I am sure you might come across numerous reputed financial software development companies who are capable of turning your insights into amazing actions. So you can definitely seek their assistance!
Now you must be wondering why one must consider using business intelligence software? Well, right from fast and precise generation of reports to gaining valuable business insights, conducting appropriate analysis among your competitors, offers better data quality, increased customer satisfaction, figuring out the market trends, enhanced operational efficiency, high ROI due to accurate decision-making, all these benefits can be availed using a business intelligence tool or data analytics tool. So I say why the heck not!
Significance of Business Intelligence Tools
I am sure you will agree with the fact that every business has its quirks, so it has become more than imperative to come up with the right business intelligence software that assists you in identifying problems and providing relevant solutions in the least amount of time possible. Can you tell me what lies at the core of the business intelligence tool or what is its main feature or function that must be taken into consideration? Simple, it’s data analytics.
As the name implies, data analytics is the way of analyzing all the data and information in such a way that it assists businesses to conduct better decision-making processes and result in increased ROI. Also, the data can be used as a reference in regards to any positive or negative event that has happened before and recommend strong actions that must be taken right away! By using the right kind of business intelligence tool, it is possible to perform such analytics, monitor key performance indicators (KPIs) and generate accurate reports like never before.
Tableau is one such popular BI software tool that has proved it’s worth when it comes to getting an edge over your competitors. Of course, this is not it there are several other tools which will be discussed further in the post.
Now, how does a business intelligence tool work? You see almost all the companies tend to store their crucial data in different places. Now the only issue here is that since the data is stored at different places, it becomes extremely difficult to keep track of information and utilize it in the best way possible. By using business intelligence tools, it becomes possible to obtain the precise information and that too in the least amount of time possible. Not to mention here you don’t need to set up an IT department, as these tools do carry the ability to simplify even some of the most complicated and complex reports.
Another question, from where, do these business intelligence tools conduct analysis? Well, they work using different data sources, which can be anything right from marketing or sales reports to operational analytics, Customer relationship management software’s, salesforce, supply chain management and whatnot! It’s a sure-shot fact that if you want to make better-informed decisions, you must back them up with accurate data.
With the help of algorithms, a Business intelligence tool has the capability to extract potential information and convert it into the best insights for the company. Further, I would like to mention certain benefits offered by this business intelligence and data analytics tools.
● Informed decision making
One of the obvious advantages of any business intelligence or data analytics tool is that it assists you in making well-informed decisions. See this is no guesswork, it’s pure research that leads to fruitful results. If you want to get close to someone who is an acquaintance, what will you do? You will try to know their likes, dislikes, their previous activities, etc. Similarly, these tools analyze all the details from their previous transactions to where your end-users tend to invest more time, where they try switching to your competitors and so forth. Not to mention that data is becoming more relevant and important, businesses irrespective of their size and industry vertical are found managing such information and keeping up with the tides in the industry.
● Latest Trends
Another benefit offered by these data analytics and business intelligence tools is that they not just assist in making informed decisions but also ensure to the identification of different trends and patterns. The latest technology is created in such a way that manages to spot all the latest trends which provide a better result. Now by analyzing the latest trends, there is a huge possibility of optimizing different resources and processes.
These technologies assist in analyzing at a deeper level. Also, professionals can spot valuable insights in real-time and come up with mind-boggling promotional activities for their end-users.
● Enhanced operations
Of course, by incorporating technology there is a fair chance of enhanced operational efficiency. Here professionals no longer need to waste time by using the trial and error method. Here you are bound to receive indisputable findings. One of the best examples to take into consideration is Uber. Yes, it was a small San-Francisco company now one of the leading global brands that offered car-hailing service.
Uber uses different algorithms to extract relevant data from drivers as well as passengers. All the data is used to set the price of the trip and ensures to create a win-win situation for drivers and their clients.
Uber is one of the finest examples to take into account when considering business intelligence or data analytics tools.
Moving on! I am sure by now you must be convinced with the fact that it is important to use data analytics tools or business intelligence tools for any and every industry. And Fintech is no exception. In fact, by using these tools, fintech companies can:
- Calculate the exact number of users
- Bifurcate between the current and the potential ones
- Know how much they use your product
- Behaviour patterns can be identified
- Check which functionalities are Blah and which ones are Wow
- Identify different ways to design a clean, user experience and user interface (UX / UI design)
- Spot crucial security issues
- Optimize the pricing
- Enhance customer support
It’s time to consider the top data analytics and business intelligence tools for the fintech industry.
Top Data Analytics and Business Intelligence Tools to Consider in the Fintech Industry
One of the best business intelligence tools to take into consideration is Bold BI. Now, what makes this one a cut above? Well, it seamlessly integrates with some of the most common SQL and web-based data sources. Where can the tool be deployed? Right from on-prem to cloud, or it can be even deployed as an embedded analytics product.
Do you know what’s the best part of the tool? Here users can seamlessly share dashboards with others irrespective of geographical boundaries and ensure absolute collaboration via built-in support for comments. Bold BI excels when it comes to security. Yes, it comprises Microsoft Active Directory.
Another interesting tool to take into consideration is Power BI. This amazing tool was developed by Microsoft and is termed as one of the most recognizable name to keep in mind among a plethora of data management tools. Did you know the software features a ribbon mechanism, due to which it turned out to be extremely easy to use and familiar? Not to mention Power BI offers self-service business intelligence capabilities where several reports can be created, and dashboards can be used to compare data and draw conclusions in a secure manner.
The next intimidating tool in line is Octoparse. This one is pretty different from the aforementioned ones. It acts as a cloud-based platform mainly used to integrate data and ETL. The tool comprises of different features and functionalities that assist in transforming, cleaning and normalizing data. Also, it helps to generate visualized and simple data pipelines for data lake or data warehouse.
Not to mention Octoparse offers no code or low code and highly supports API connectors.
- Adblocking and ad filtering technique
- Dynamic websites can be well dealt with
- Point and click interface
Another Business intelligence and data analytic tool to consider is IBM for fintech companies. If you are looking for a well-integrated software solution then this is it! IBM enables end-users to access data to create high-end reports.
IBM Watson Analytics ensure a machine learning-enabled user experience since it features automated pattern detection, support for natural language query and generation and embedded advanced analytics capabilities. Now many of you have this misconception about where can IBM’s BI software be deployed? Well, you have the best of both worlds, on-prem or as a hosted solution.
If you are looking for a tool that offers an expensive visual BI and analytics platform, Tableau is the absolute choice to take into account. Whether you choose Tableau Desktop, Tableau Server, or Tableau Online, you are bound to receive a plethora of benefits. Here in Tableau, you will find embedded analytics capabilities where users can seamlessly visualize and share data with Tableau Public. And you know what’s the best part, now Tableau is acquired by Salesforce.
So that’s all for now! I hope now you realize how the scope of data analytics and business intelligence tools is rising. More or less, these tools have created a benchmark across the globe. So what are you waiting for, time to make the right choice!
Infographic created by
Fiserv, a mid market payment solutions