26 February 2021
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Getting accurate data is crucial for making decisions fast. And in financial services, that’s certainly the case. But how do organisations, such as banks, balance the need for a speedy data pipeline with the potential risk to data integrity?
According to ANZ bank, successful BI lies in the middle ground where people, processes, the right data and technology converge.
Leveraging Qlik + Vizlib for effective fintech
Though it’s a delicate balancing act, innovative institutions are getting it right. Strategy & Execution, BI lead at ANZ bank, Rebecca Kennedy, neatly sums up the secret to their BI success:
- Having a connected, centralised database that is a single source of truth
- Data structures that promote rapid speed of delivery and are easy to support
- Designing interfaces with a focus on intuitive user experiences to embed high adoption rates
- Having the right tools for the right purpose
- Proficiency in methods to derive value from data
- Constantly evolving and leveraging new technology to improve
So, let’s look at a few pointers to shift your institution towards smarter decisions.
Shift to modern reporting solutions
Organisations that still operate legacy systems need to embrace digital transformation to remain competitive. Trying to manage thousands of Excel spreadsheets and collate data quickly and accurately is a nightmare for everyone.
Plus, when data is collated from many different fragmented sources, the data journey becomes longer and the risk of errors grows.
Legacy systems also make it more tricky to keep pace with today’s regulatory standards, where transparency is essential. One solution to keep everyone in the loop is more frequent communication. Communication that occurs throughout the year, not only once a year, such as rolling budgets or forecasts.
Getting the buy-in of top decision-makers can make the transformation smoother. As ANZ bank affirms, the evolution to modern reporting solutions needs to start from the top down.
Financial services technology must be fit for purpose, to streamline financial processes and improve data accuracy. Organisations can ensure a single source of truth and track auditing workflows with Vizlib’s writeback capability – shifting to real-time financial reporting.
Post financial adjustments directly in Qlik Sense with Vizlib Writeback Table
Ensure good data governance
Data must be accurate to help the business make the right decisions. And, unfortunately, bad data can quickly escalate into BI chaos. What begins as a small, insignificant error grows exponentially as the error pulls through into other business systems and reports. This is especially dangerous for your BI team as it can lead to all your data collation, synthesis and analysis being in vain.
As more and more people work with financial data, the risk of bad data creeping in increases. So the need for sound data management cannot be ignored.
ANZ bank has a sensible approach to managing their data. They have many different data sources feeding into one general ledger, creating a single source of truth. And that single source of truth has as few human touch points as possible to reduce operational risk.
Solutions that offer a safe environment for users to slice and dice data, such as Qlik Sense, help organisations balance the need for greater user adoption and good data management.
Enable safe, governed data exploration with Vizlib Self-Service. Empower users to freely slice-and-dice data and extract quick insights without the risk of losing essential financial information.
Speed up the time to insights with easy to use templates in Vizlib Self-Service
Improve data collaboration
Siloed data is not beneficial for a business. Neither are employees that keep insights to themselves. That’s why data teams that work together and collaborate efficiently achieve more and boost business value.
Anyone working with data (hopefully most employees) needs the data conversation to flow as quickly as the data does. Any communication snags or lags, like switching between various applications, can slow down insight discovery. And eventually, cause the business to lose value!
Agile solutions that support real-time data discussions, such as Vizlib Teamwork, keep the conversation flowing, in-context and help your business stay ahead of the pack!
Streamline data collaboration with Vizlib Teamwork Notifications that keep you in the loop
Support those driving the change
Not everyone is ready to embrace change. And those that do, should have the support of the business to champion transformation.
If you don’t want to scare off traditionalists, try an incremental approach to change, rather than one massive sweep. What’s great about small, steady changes is that they enable a quicker feedback loop and help the organisation adapt its processes on the fly.
Buy-in from top management is a good way to get the ball rolling. This approach also ensures the change is sustainable. Enthusiasm from the top down often sparks a positive attitude among the bigger team and reduces resistance. However, without top management on board, new initiatives are likely to fail.
The right resources go a long way. Empower your BI team to improve workflows with Vizlib Collaboration – bring your processes and workflows to your analytics for accurate, real-time financial reporting.
Smarter decisions in financial services begin with fit for purpose BI solutions. With the right analytics solution, you and your team can balance the need for speed and data integrity.
👉 To ensure your finance team is ready to meet the changing demands of the business world, take a look at our whitepaper: Creating a future-fit finance department.
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