Banking institutions have an exceptional amount of financial information at their fingertips. From financial trends and market projects, every decimal point is critical, which means that banking data dashboards play a large role in day-to-day operations.
So what is a dashboard for finance?
It’s an analytical display that consolidates various direct financial and banking-related systems. A banking dashboard gives a visual overview of market indicators, customer information, financial performance, and so much more. Banks need to have a total overview of every financial decision in the company, lest they end up like the now-defunct Barings Bank.
In fact, banks can use data dashboards to display any results, as long as they have access to the raw data.
Here are a few ways in which banking dashboards can help your financial institution.
Customer history
You can tell a lot about a person by their financial history — every aspect of a customer’s financial persona is made up of tons of little details, from when they draw money at ATMs, if a debit order bounces, and how fast they pay off their credit card bill.
Data dashboards can consolidate all of that information into one source of truth. This can then be dissected and combed through to assess the perfect interest rate, loan terms, or banking needs for the customer in question. Take Qlik’s Associative engine, for example. It can link up and match various bits of information in a consolidated way.
Market Projections
A key part of any financial institution is trying to figure out how to “beat the market”. It’s no use predicting a debt crisis and then lending as much money as possible to as many customers as possible. This is reckless and irresponsible and can be avoided with banking dashboards.
Every person’s circumstances and spending habits are unique. The bank may see that the individual is projected to pay back a certain amount of money within the next 12 months, but requires an extension on their mortgage. With the use of the Vizlib KPI Slider for Qlik Sense, customer agents can adjust a range of factors for a customer’s profile and then project new interest rates or payment terms.
By using Vizlib Library for Qlik Sense, banks can create robust dashboards to fit their exact needs. With 25 different chart types, it’s easy for anyone in the organisation to have financial data displayed in the exact way they need.
With Vizlib Self-Service, bank employees can create secure data sandboxes to explore data independently. This will allow them to discover meaningful insights without ever having to edit live systems.
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