There have been many arguments about the increased need for business intelligence in challenging economic environments. As expenses get increasingly scrutinized and businesses face budget cuts, the decisions they make become all the more important. And organizations need to make sure they have the right information and tools to help them make better decisions, faster.
And now banks are finding themselves at the center of this magnifying glass, faced with increased pressure to provide greater visibility into risk, and understand their true potential performance, adjusted for that risk. Unfortunately, most banks do not trust their current view on this, which is why they turned from lending too freely, to not lending at all.
Business intelligence tools, along with access to accurate, trusted information, can help banks get back on the road to profitable growth. Mike Schiff wrote a great piece on Financial Markets' New Demands and BI and identifies some specific areas where BI usage is likely to come into play.