Today, more than ever, banks understand that every client interaction takes on a heightened importance. Branch visits have declined due to the pandemic, and customers are relying more and more on digital banking. But they still desire support from their financial institution when they need it – and they want it to be a personal experience on their terms.

To provide customer-centric experiences, banks must leverage an in-depth knowledge of each customer’s relationship and their potential financial needs. Customers still want to receive guidance from a trusted source. As bank products and services become more commoditized, human interaction, whether via a digital channel or in-person, and an improved customer experience will be a bank’s competitive differentiator.

Banks need a robust business intelligence engine to succeed in today’s fast paced world. With the right system, not only will they be able to prepare for individual client interactions, they also receive vital information on how to guide their bank to greater profitability. This includes monitoring branch performance, a task vitally important today as more and more branches shutter due to customers’ desire for digital engagement.

Visual dashboards

One of the most important features of any business intelligence system is the ability to provide insightful visual dashboards. These dashboards should give the management team insights into bank and branch performance -- from a 50,000-foot view across the entire business all the way down to each location. Executives should view first-hand data as to what products customers are buying geographically, as well as information on how to attract new sales by understanding customer habits. Bankers can also use a dashboard to better understand how well customers respond to a branch’s marketing efforts and to suggest potential upsell opportunities.

Bankers should also benefit from flexible report control that enables complete control over when reports, statements and notices are generated; how the output is sorted; and which reports are rendered to physical print vs. electronic storage. Once produced, the solution should handle the electronic packaging, distribution and storage of the information, turning each field into accessible, analyzable and actionable data.

Dashboards provide strong, data-driven relationships

FIS HORIZON 360 Business Intelligence provides this type of visual analytics (BI) with integrated mobile and dashboards, and it provides a one-stop solution for a financial institution’s reporting needs.

Business intelligence tools like HORIZON 360 should deliver the visual dashboards that a bank needs to thrive, especially amid the changes seen due to the COVID-19 pandemic. Customizable dashboards for supporting the executive, financial, and lending functions should be readily available for bankers to gain perspective on the following:

• Executive dashboard: provides high-level portfolio summary and trend information that can be analyzed across product, branch and officer levels.
• Financial dashboard: provides side-by-side analysis of the general ledger balance sheet and income statement. In doing so, it fully utilizes the robust organizational and chart hierarchies.
• Lending dashboard: includes loans and overdrawn deposits information such as current balance, average balance, bank-owned balance, and book balance to aid in better loan decision making.

Relationships are born from understanding and an anticipation of customer need. Strong visual analytics can help bankers build stronger relationships by offering a complete view of the bank, branch and customers. This translates to the opportunity to provide trusted advice to serve customer needs.

Strong visual analytics can help front-line bankers build stronger relationships by offering a complete view of the customer—personal, family and business. Relationships are born from understanding and an anticipation of customer need. A modernized 360 degree customer view — personal, business, and family, — and alerts lets bankers make relevant offers and provide advice to serve customer needs.

COVID-19 has accelerated the journey to provide improved customer experiences. Make sure you have the data and visual analytics you need to ensure you can easily take advantage of each customer interaction within your organization.