Never a dull moment at the department for business intelligence. Especially when it’s a department at a bank. Here, business intelligence employees and their managers make sure that the business intelligence development within their organization is improved every day. It’s their job to provide information to main decision makers and to make the bank more data driven. A shift that is highly needed, now that digitalization, user experience and regulations such as PSD2 rule the world. We’ve collaborated with our share of BI managers at financial institutions, and they all face comparable challenges. In this sector case, we’ll tell you how we support them in becoming a data-driven bank of the future.
Looking for a data warehouse
Information management is often the main problem for banks. Employees and stakeholders are not educated on how to use the available data and how to make connections between data sources. This is why sooner or later, they’ll realize they need to develop some form of data warehouse. Then the second problem arises: where to begin? This is usually the part where FourPoints comes in. Many of our clients tell us that they lack knowledge on the differences between vendors and systems, and that they simply don’t have the time to do the research themselves. This is why we send a team of our experts to guide the BI team through the vendor selection process, and to tell them about the things they should take into account. After this first round of vendor presentations and workshops, the BI manager has all the information he or she needs to decide which data warehouse tool is the right one for them. The second part revolves around testing. We help our clients get a trial license for the tool that best matches their requirement. This proof of concept is crucial to get a data warehouse tool that is going to really make a difference to the information management.
It's not only about data warehousing
Data warehouse tool: check. Problem solved? Not entirely. Often, the problems banks have with data management go beyond the concept of data warehousing. In order to provide the decision makers in their company with the right information, BI teams need to let go of their traditional way of working and focus more on data accuracy. This is where the agile methodology comes in handy. FourPoints therefore trains members of the BI teams in this new way of working and thinking. One of the benefits of this training is that it makes people change the way they think about the way they do their jobs, so they recognize pitfalls and learn to bypass them. But that’s not the only benefit. One of our clients states: “Agile working has caused happier stakeholders. They see results faster and are able to give feedback during the process.” After the training on agility, FourPoints usually moves on to solving the problems with data accuracy. Together with the BI team and manager, our experts set out a strategy to manage data leverage. This can’t be done overnight, so we often stick around until everything works.
End of a traditional era
It’s clear that in order to change the way banks manage their information, they need to change the way they work. This is why we encourage the BI department to go from a traditional approach to working agile, and to make sure the main decision makers get access to data insights everywhere they go. Second, we support them in managing their data lineage so they can shorten time to market. Together, these measures have the power to turn banks into more dynamic organizations that know how to put their data to good use. Will there be work left to do? Sure there will! But transforming into a data-driven bank is a crucial first step in the process of becoming a modern-proof organization. FourPoints has a lot of experience in this process and happily lends you a FourPointer to stand by your side. Together with business intelligence employees and a FourPointer in house, BI managers have all the tools they need to improve the quality of the biggest asset they have: their data.DOWNLOAD PDF
"FourPoints really changed our way of working. With their training, they made sure we knew how to work agile. And this still helps us every day."